U.S. Markets close in 51 mins

MIDEAST STOCKS-Egypt rises on foreign capital flows as most of Gulf gains

By Maqsood Alam

* 27 of 30 Egyptian blue chips rise * El Sewedy Electric gains on solar project win * Telco Etisalat lifts Abu Dhabi * ENBD supports Duabi * Banks weak in Saudi Arabia By Maqsood Alam Dec 4 (Reuters) - Egyptian blue chips rose on Thursday, with foreign investors net buyers and local investors net sellers. Most Gulf equity markets also gained as oil prices rose. Oil prices boosted markets, gaining nearly 2% on expectations that OPEC and its allies would extend output cuts when they met in Vienna later this week. In addition industry data showed the U.S. crude stockpile fell more than forecast. Egyptian blue-chip index snapped a three-session losing streak and closed 1.2% up with Talaat Mostafa Group Holding rising 3.5%. El Sewedy Electric added 1.4% after the government of South Sudan awarded a contract worth about $45 million to build a hybrid solar project. Qatar's index rose 0.8%. Qatar Islamic Bank gained 1.2% and Industries Qatar 1.1%. Dubai and Abu Dhabi stock markets rose in their first trading after three days of public holidays. The Dubai index was up 0.6%, led by a 2.6% rise in Emirates NBD Bank. The bank had fallen on Thursday after cutting 400 to 500 jobs since October, Reuters reported, citing sources, as banks in the United Arab Emirates reduced costs amid slower economic growth. Abu Dhabi's index was up 0.3% as Emirates Telecommunications Group gained 1.1%. However, the Saudi index slipped 0.2% as investors appeared to have directed their money into oil giant Saudi Aramco's initial public offering. Saudi institutions have oversubscribed by almost three times the shares allocated to them as part of Aramco's IPO, submitting orders worth 189.04 billion riyals ($50.4 billion) as of Tuesday. Institutional subscription to Aramco's IPO concludes on Wednesday. SAUDI ARABIA fell 0.2% to 7,871 points ABU DHABI gained 0.3% to 5,048 points DUBAI rose 0.6 % to 2,696 points QATAR was up 0.8% to 10,272 points EGYPT rose 1.2% to 13,636 points BAHRAIN gained 0.2 % to 1,544 points OMAN Slipped 0.4% to 4,040 points KUWAIT was up 0.3% to 6,644 points (Reporting by Maqsood Alam in Bengaluru, editing by Larry King)