Aramex bucks slide in Gulf stocks in record winning streak

Cairo: Aramex PJSC advanced for an eleventh day as stock markets across the Gulf languished amid low trading volumes.
The Dubai-based logistics company extended its longest rising streak since it began trading more than a decade ago, rising 2.8 per cent as of 11:43 a.m. local time to the highest level since 2006.
Every major equity index across the six-nation Gulf Cooperation Council declined as the number of shares exchanged for most gauges lingered below their 20-day averages.
Aramex’s founder, Fadi Ghandour, sold his holdings in Levant Logistics, which owns 9.9 per cent of the logistics company, to Boson Ventures, according to a statement to the Dubai bourse on Sunday. The deal comes days after Jaona Investment LLC said it bought a stake in Aramex at a premium. The company is one of only two stocks on Dubai’s DFM General Index to rise on Sunday, as the summer lull continues to hamper trading volumes across the region.
“The company’s plan to expand its e-commerce business is a great catalyst for growth,” Mai El-Sayed, a senior equity analyst at Mubasher Financial Services who has maintained her buy rating on Aramex since June 2015, said by telephone from Cairo.
Traders exchanged 5.6 million Aramex shares on Sunday, more than five times the 20-day intraday average, as the stock’s price increased to 4.11 dirhams. El-Sayed raised her target price 15 per cent to 4.78 dirhams earlier this year.
Kuwait’s SE Price Index, Bahrain’s BB All Share Index and the DFM General Index all fell 0.4 per cent. Saudi Arabia’s Tadawul All Share Index and Oman’s MSM 30 Index each retreated 0.2 per cent. Qatar’s QE Index was little changed.