October 23, 2019 / 1:41 PM / 2 months ago

MIDEAST STOCKS-Property shares weigh on Egypt; other Gulf markets mixed

    * Alinma stretches gains on Q3 financials
    * Sipchem dips on poor Q3 earnings
    * All but one property stocks decline in Egypt
    * Qatar's index falls for a fifth straight day

    By Ateeq Shariff
    Oct 23 (Reuters) - Most Gulf stock markets moved marginally
amid falling oil prices on Wednesday, while Egypt’s blue-chip
index declined, led by property shares.
    Oil prices slipped towards $59 a barrel on data showing a
bigger-than-expected rise in U.S. crude stocks, while the
prospect of deeper output cuts by OPEC and its allies offered
support.
    Saudi Arabia's index extended gains from the
previous session to close 0.2% up. Al Rajhi Bank
gained 0.7%, while Alinma Bank rose a further 1.3%.
    On Tuesday, Alinma reported a rise in third-quarter profit
to 713 million riyals ($190.10 million) compared to 637 million
a year earlier.
    However, gains were capped by losses in petrochemical
stocks.
    Sahara International Petrochemical (Sipchem) slid
2.8% following a more than 38% plunge in third-quarter net
profit. The petrochemical maker said it was due to a decrease in
selling prices for most of the products.
    Egypt's blue-chip index decreased 0.5%, with most
stocks on the index falling. Property stock Talaat Mostafa
 lost 1.7% and El Sewedy Electric was down
1.5%. Among other stocks, developer Madinet Nasr also
decreased 1.9%.
    Egypt's non-oil private sector contracted for the second
consecutive month in September, according to the IHS Markit
Egypt Purchasing Managers' Index (PMI).
    In Dubai, the index closed 0.3% down with Emaar
Properties shedding 1.1% and Dubai Islamic Bank
 falling 0.6%.
    Deyaar Development retreated 3%, a day after it
surged over 10% on a future prospect.
    The developer on Monday reported accumulated losses of 1.51
billion dirhams ($411.13 million) but said it would continue to
launch quality projects and wanted to diversify income resources
through property and facilities management services.

    The Abu Dhabi Index added 0.3%, extending gains for a
third straight session, with First Abu Dhabi Bank and
Aldar Properties gaining 0.4% and 1.8% respectively.
    Qatar's index dipped 0.2%, extending losses for a
fifth straight session, as Qatar Fuel declined 1.6%
and Mesaieed Petrochemical ended 2.2% lower.
    But Commercial Bank edged up 0.2% after it
reported a rise in nine-month profit to 1.50 billion riyals
($412.09 million) compared to 1.35 billion riyals a year
earlier.
    
 SAUDI ARABIA  The index         rose 0.2% to 7,887 points
 ABU DHABI     The index        gained 0.3% to 5,152 points
 DUBAI         The index          slipped 0.3% to 2,780 points
 QATAR         The index        was down 0.2% at 10,355 points
 EGYPT         The index          down 0.5% to 14,127 points
 BAHRAIN       The index        was flat at 1,525 points
 OMAN          The index        dropped 0.3% to 3,996 points
 KUWAIT        The index        was down 0.2% at 6,283 points
 

($1 = 3.6728 UAE dirham)

($1 = 3.6400 Qatar riyals)

 (Reporting by Ateeq Shariff in Bengaluru, Editing by William
Maclean)
  
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