MIDEAST STOCKS-Real estate sector lifts Egypt, Saudi volumes rise before Ramadan

Wed May 17, 2017 2:48pm GMT
 

* Egypt's SODIC jumps on expansion plans, strong Q1 results

* Positive mood spills over to other developers

* Saudi Arabia sees highest volume since January

* Small caps outperform large caps

* Dubai's DAMAC continues climb on MSCI upgrade

By Celine Aswad

DUBAI, May 17 (Reuters) - Egypt's stock market outperformed its Gulf peers on Wednesday on the back of strong first-quarter earnings and positive news from a real estate developer, while Saudi Arabia saw increased activity as traders took positions ahead of Ramadan.

Egypt's index rose 1.0 percent as real estate firm Sixth of October Development (SODIC) jumped 4.2 percent to a four-month high in its heaviest trade since May 2014.

The company's chief executive told Reuters on Wednesday it planned to buy new land to the north and west of Cairo as part of an expansion plan. In total, SODIC would acquire land worth 600 million Egyptian pounds ($33.2 million).   Continued...

 
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