April 9, 2019 / 1:16 PM / 6 months ago

MIDEAST STOCKS-Dubai continues rally, most major Gulf markets mixed

    * Dubai Investments nears 5-month high
    * First Abu Dhabi Bank slides after Qatar's lawsuit
    * Saudi's Walaa soars on FY dividend, capital increase
    * Kuwait index retreats from highest level since 2016

    By Ateeq Shariff
    April 9 (Reuters) - Dubai's stock market edged up on Tuesday
stretching its rally for the ninth consecutive session, aided by
its industrial and financial shares, while trading was mixed
across other major Gulf markets.
    The Dubai index closed 0.2 percent higher, with
Emirates Integrated Telecommunications rising 1.6
    Dubai Investments rose 2 percent to reach its
highest level since November. On Sunday, the firm signed an $86
million contract with ABB Industries to commission a new Dubai
Electricity and Water Authority substation.
    United Arab Emirates' Finablr said it expects to register to
launch an initial public offering in London. The payments and
foreign exchange firm said that the deal could raise at least
$200 million.
    The Abu Dhabi index traded flat with First Abu Dhabi
Bank, the country's largest lender, slipping 0.7
    Qatar filed lawsuits against three lenders including First
Abu Dhabi Bank, accusing them of causing damage to the tune of
billions of dollars to its economy by what it called overseas
currency manipulation in the wake of an Arab boycott in 2017.
    National Bank Of Fujairah jumped 11.9 percent. On
Sunday, the lender said that it launched a  representative
office in Antwerp.
    Saudi Arabia's index inched up 0.1 percent, with
Walaa Cooperative Insurance surging 9.9 percent after
the insurer announced a full-year dividend of 1 riyal ($0.27)
per share and proposed a capital increase to 528 million riyals
from 440 million by way of a bonus shares issue.
    United Electronics Co gained 4.6 percent after
posting a rise in its first-quarter net profit and sales.
    The Qatari index edged down 0.1 percent, led by a 2.8
percent fall in Mesaieed Petrochemical.
    Qatar National Bank reported a first-quarter net
profit of 3.56 billion riyals ($978 million), a 4 percent rise.
At the time of the announcement the market was shut and the
stock was flat.
    The Egyptian index slipped 0.2 percent as most of
its blue-chip stocks pressured the index.
    Egypt Kuwait Holding was down 1.1 percent and Palm
Hills Developments closed 4.6 percent lower.
    Kuwait's index dropped 1.6 percent to retreat from
its highest level since 2016, as it was pulled down by bank
shares. Kuwait Finance House fell 2.7 percent and Ahli
United Bank declined 2.8 percent.
 SAUDI       The index         was up 0.1 pct to 9,048 points
 ABU DHABI   The index        was flat at 5,076 points
 DUBAI       The index          rose 0.2 pct to 2,802 points
 QATAR       The index        slid 0.1 pct to 10,218 points
 EGYPT       The index          fell 0.2 pct to 15,089 points
 BAHRAIN     The index        declined 0.4 pct to 1,441 points
 OMAN        The index        was flat at 3,972 points
 KUWAIT      The index        dropped 1.6 pct to 6,105 points
 ($1 = 3.6400 Qatar riyals)

 (Reporting by Ateeq Shariff in Bengaluru
Editing by Keith Weir)
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