February 5, 2019 / 1:23 PM / 7 months ago

MIDEAST STOCKS-Egypt continues winning streak, banks boost Saudi

    * Egypt's CIB jumps on Q4 results
    * Global Telecom rises on buy-out offer from Veon
    * Saudi's Al Rajhi rises on capital increase approval
    * ADIB at its highest in more than 33 months

    By Ateeq Shariff
    Feb 5 (Reuters) - Egypt's blue-chip share index rose sharply
on Tuesday boosted by major lender Commercial International Bank
 after its strong fourth-quarter earnings, while banks
also lifted Saudi Arabia's stock market.
    Egypt's blue-chip index gained for a ninth straight
session, climbing 2.6 percent with 27 of its 30 stocks rising.
The country's biggest lender Commercial International Bank
jumped 3.9 percent after it reported fourth-quarter net profit
after interest of 2.56 billion Egyptian pounds ($146 million)
compared to 1.87 billion pounds a year ago.
    Global Telecom Holding climbed 3.3 percent to its
highest since July after major shareholder VEON Ltd
said that it offered to buy out the firm.
    VEON said it intends to offer 5.30 Egyptian pounds per share
for the 42.3 percent of the firm it does not already own. 
    The offer represents a 20 percent premium to Global
Telecom's closing price on Monday and is worth $600 million.

    Saudi Arabia's index gained 1.2 percent with
National Commercial Bank adding 3.9 percent. Ratings
agency Moody's said the bank's brand and diversified assets make
it resilient to slower economic growth in Saudi.
    Al Rajhi Bank was up 1.4 percent after the Capital
Market Authority approved an increase in capital. The bank,
which is currently capitalised at 16.25 billion riyals ($4.3
billion), proposed increasing its capital to up to 25 billion
    Saudi Arabia's impending entry into emerging market indexes
should mean a $15 billion inflow of "passive" benchmark-linked
funds, which will attract billions more of active funds,
regardless of low oil prices or geopolitical tensions.
    Saudi's Almarai climbed 1.7 percent after the firm
said it would acquire Premier Foods for an enterprise value of
108 million riyals.
    In Dubai, the index added 0.5 percent with Emirates
NBD, its largest bank, gaining 2.1 percent. The
company called a shareholders' meeting on Feb. 20 to discuss the
issue of non-convertible securities.
    Commercial Bank of Dubai rose 0.8 percent after its
board proposed a full-year cash dividend of 20.7 percent of its
share capital.
    The Abu Dhabi index rose 0.2 percent, with Emirates
Telecommunications gaining 0.6 percent.
    Abu Dhabi Islamic Bank increased 1.6 percent to
its highest since April 2016, its third straight session of
gains. The lender has gained since reporting a 23 percent
increase in its fourth-quarter net profit.
    Qatar's index edged down 0.1 percent with Commercial
Bank declining 0.8 percent despite reporting a higher
full-year net profit and proposing a cash dividend of 1.5 riyal
per share for the same period.
 SAUDI ARABIA  The index         gained 1.2 pct to 8,624
 DUBAI         The index          added 0.5 pct to 2,543
 QATAR         The index        edged down 0.1 pct to 10,715
 ABU DHABI     The index        rose 0.2 pct to 5,137 points
 EGYPT         The index          rose 2.6 pct to 14,733
 KUWAIT        The index        gained 0.5 pct to 5,452 points
 OMAN          The index        was up 0.1 pct at 4,169 points
 BAHRAIN       The index        increased 0.4 pct at 1,404

($1 = 3.7502 riyals)

($1 = 17.5500 Egyptian pounds)

 (Reporting by Ateeq Shariff in Bengaluru
Editing by Susan Fenton)
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