MIDEAST STOCKS-Insurance shares buoy Saudi, weak currency aids Egypt

Sun Mar 19, 2017 2:05pm GMT
 

* Dubai's Shuaa Capital, GFH fall after last week's jump

* Banks weigh on Qatar

* Little boost from funds' entry due to Qatar's FTSE upgrade

* Kuwait outperforms again

* Egypt supported mainly by export, real estate shares

By Celine Aswad

DUBAI, March 19 (Reuters) - Stock markets in the Middle East diverged on Sunday with the insurance sector boosting Saudi Arabia and a depreciating currency lifting export and real estate shares in Egypt, while blue chips weighed on the United Arab Emirates and Qatar.

Saudi Arabia's index added 0.5 percent as the insurance sector surged. All but three of the 35 listed insurers rose, with Solidarity Saudi Takaful jumping 3.8 percent after it said it had reduced its accumulated losses to below 50 percent of its capital.

Last week Amana Cooperative Insurance Co said its accumulated losses had been reduced below 50 percent of its capital; its shares rose a further 0.8 percent on Sunday.   Continued...

 
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