Dubai’s stock index tumbled the most in a month after BlackRock Inc. cut its holdings in United Arab Emirates shares, citing “speculative excess.” Saudi Arabia’s gauge rose above 9,000 for the first time since 2008.
Dubai shares climbed the most in two weeks, led by property developer Deyaar Development PJSC, after gains in emerging markets and better-than-expected corporate earnings boosted sentiment. Saudi Arabia’s gauge also rose.
Egypt’s shares rose to the highest in almost four years on bets a possible presidential bid by the top military commander will restore stability. The pound gained in the black market after a record central bank currency sale.
Kraft is 3rd co. to make offer to buy Cairo-based food manufacturer Al Mal reports, citing unidentified people with knowledge of the deal. * Bisco says it’s rejected letters of intent from some investors to buy a stake: Al Mal citing co. statement * A possible Bisco Misr deal may be valued at 700m-800m Egyptian pounds: Al Mal * Investors that want to sell their stakes include Commercial International Bank, which holds 10.6% of Bisco: Al Mal * NOTE: Juhayna Food Industries said yday it made initial non- binding offer for Bisco NSN MOHAS61A1I4I <GO>
Six of October Development & Investment Co. fell the most in more than six months after Al Mal reported the company stands to pay almost 30 percent of its market value to the government to keep a disputed Cairo plot.