January 30, 2019 / 2:09 PM / 8 months ago

MIDEAST STOCKS-Dubai Islamic drags Dubai, Global Telecom lifts Egypt

    * Dubai Islamic Bank slumps 4.4 percent 
    * Egypt's Global Telecom gains on prospect of going private
    * Heliopolis rises after plan for housing and commercial
    * ADCB changes course to rise on three-way merger

    By Abinaya Vijayaraghavan and Ateeq Shariff
    Jan 30 (Reuters) - Dubai's stock market fell sharply on
Wednesday, hurt by a fall in Dubai Islamic Bank, while
Egypt rose, partly lifted by Global Telecom Holding
rising on the prospect of going private.
    The Dubai index dropped 1.1 percent, with Dubai
Islamic Bank, the largest Islamic lender in the United Arab
Emirates, sliding 4.4 percent in heavy trade, its biggest
intra-day loss in nine months.
    The bank reported a 15 percent rise in fourth-quarter net
profit, but investors were disappointed when it proposed a cash
dividend of 35 fils per share for 2018 after 45 fils in 2017,
said Marwan Shurrab, head of high net worth and retail equities
brokage at AlRamz Capital. 
    Egypt's main index gained 0.8 percent, helped by a
7.3 percent surge in Global Telecom Holding. The stock
gained for the fourth straight session after its major
shareholder, VEON Ltd, said it was considering taking
the firm private.
    Heliopolis Co rose 5.1 percent after saying it
planned to implement housing and commercial projects by
developing unutilised land.          
    Abu Dhabi's index fell 0.6 percent, with its largest
lender First Abu Dhabi Bank shedding 1.2 percent.
    Abu Dhabi Commercial Bank, Union National Bank
(UNB) and Al Hilal Bank agreed a merger to create the
third-largest bank in the United Arab Emirates, with $114
billion of assets. Under the deal, UNB was valued at $4 billion.
    "The scope for revenue synergies is restricted in our view,
while, post-merger, the combined entity will enjoy a bigger
scale in terms of its corporate balance sheet, but there will
likely be customer overlap," said Aarthi Chandrasekaran, vice
president at Shuaa Capital.
    UNB was down 1.7 percent, while ADCB was up 1.1 percent.
    Saudi Arabia's index was flat, with Saudi Kayan
Petrochemical increasing 3.6 percent and National
Company for Glass Industries rising 1.1 percent after
its fourth-quarter loss narrowed.  
    The Qatar index was also flat, with Commercial Bank
 losing 0.7 percent.
 SAUDI ARABIA  The index         was flat at 8,584 points
 DUBAI         The index          fell 1.1 pct to 2,539 points
 QATAR         The index        was flat at 10,719 points
 ABU DHABI     The index        lost 0.6 pct to 5,005 points
 EGYPT         The index          added 0.8 percent to 14,093
 KUWAIT        The index        rose 0.4 pct to 5,438 points
 OMAN          The index        was up 1 pct at 4,216 points
 BAHRAIN       The index        gained 0.5 pct to 1,392 points

($1 = 3.6728 UAE dirham)

($1 = 17.6300 Egyptian pounds)

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Kevin
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