Stock Exchanges in the Gulf

 Most Gulf stock markets closed higher on Sunday, but volumes were weak as investors awaited corporate results expected to start this week.

In Egypt, the benchmark index rose 1.2 percent, but Global Telecom fell 7 percent after the company announced earlier on Sunday a plan to convert its outstanding shareholder loans of $ 370.6 million in addition to interest to capital.

The company said the financial position and cash flow would remain unchanged after the conversion in light of the fact that the transaction is non-cash. The stock fell to its lowest level in a month.

The company had earlier announced it planned to increase capital by issuing rights worth 11.2 billion pounds ($ 627.10 million), equivalent to 19.3 billion new shares with a nominal value of 0.58 pounds.

In the Gulf, most markets closed slightly higher, and the Saudi market led gains.

Saudi Arabia's index rose 1 percent, with the shares of Al Tayyar Travel Group Holding up 5.5 percent, Al Rajhi Bank with a weight of 2 percent and Saudi cable shares up 10 percent.

Saudi Cables, which has suffered losses, has climbed since December 26 when it jumped after the company reached a final settlement deal with commercial creditors on loans worth 313.6 billion riyals ($ 83.61 million).

Dubai's index closed down 0.3 percent, eroding gains in early trading. Union Properties fell 1.9 percent to press the index as it was the most heavily traded stock by volume.

DP World, listed on Nasdaq Dubai, rose 0.1 percent after the company said on Sunday it had agreed to acquire 71.3 percent of Chile's port operator Puerto E Luquistica (Bolgasa) from Minera Valparisso and other shareholders linked to the Matte Group.
 

Dubai Ports said it would offer $ 502 million for the company's full ownership, and that the deal is expected to contribute to profits during the first full year of acquisition and be funded from current budget resources.

Kuwait Stock Exchange (KSE) on Sunday upgraded Qurein Petrochemical Industries and HomenomSoft from the main market to the first market, whose index closed 0.4 percent higher on Sunday.