Dubai’s benchmark stock index fell the most in a month, tracking a decline in global markets last week, on investor concern this year’s rally was overdone given prospects for earnings growth. Saudi Arabia’s gauge dropped.
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>
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 plans energy-subsidy reforms in two phases, the first to be implemented before an International Monetary Fund delegation arrives at the end of the month for talks on a $4.8 billion loan, Al Mal reported, citing an unidentified person with knowledge of the matter.
A strike by truck drivers in Egypt disrupted business of companies including Egypt Aluminium and fertilizer producer Egyptian Chemical Industries , also known as Kima, Al Mal reported, citing company officials.