Middle East Shares Mixed

MidEast stocks were mixed, with Egypt gaining on its first day back from a holiday and after the government’s international sovereign bond issue.

Egypt’s government was set to sell $4 billion of Eurobonds in three tranches, raising twice as much as targeted when it began a roadshow last week, and at lower yields than initially expected.

Meanwhile, International equity index compiler MSCI said again it could launch in June a study on whether to include Saudi Arabia in its emerging market index.

On Monday, Kuwait’s government plans to announce details of its long-term economic development plan, which could be positive for the stock market if the government gives more impetus to big infrastructure projects.

In company news, Nama Chemicals announced the main elements of a recovery plan after accumulated losses exceeded 75% of its capital. The plan includes eventually increasing capital to finance production of specialty chemical products and boost capacity, and the sale of assets of an investment affiliate, Reuters reported.

By Brianna Stevens