July 8, 2019 / 1:07 PM / a month ago

MIDEAST STOCKS-Most Gulf markets bounce back from early losses, Kuwait rallies

    * Riyad Bank gains on higher H1 dividend
    * Advanced Petrochemical slips on lower Q2 profit
    * Kuwait rises for the eight straight session
    * Bank of Sharjah drops on weak Q2 results
    * Six of seven banks slide in Qatar

    By Ateeq Shariff
    July 8 (Reuters) - Most Gulf markets recovered from earlier
losses on Monday to close higher, with Saudi lifted by financial
shares and Kuwait rising for the eighth straight session
following MSCI's decision to include the country in its main
emerging markets index.
    The Saudi index gained 0.2% with Al Rajhi Bank
 rising 0.6% and Riyad Bank adding 1.7% after
its board proposed a higher dividend for the first-half of the
year.
    The market is up nearly 13% so far this year in a rally led
by foreign investors.
    Total ownership of Saudi stocks by foreign investors
increased to 7.47% by June 30, up from 4.67% at the end of
December, stock exchange data shows, reflecting increased active
and passive fund flows this year.
    Advanced Petrochemical fell 0.9% after it posted
an over 24% decline in second-quarter profit, which it blamed on
a drop in sales volume and product prices.
    Kuwait's index closed 0.2% higher. The index has
surged since MSCI said it would move Kuwaiti equities to its
main emerging market index in 2020, a move that could trigger
billions of dollars of inflows.
    Kuwait has outperformed its Gulf peers in anticipation of
the MSCI move, gaining nearly 26% year-to-date.
    Middle Eastern funds plan to continue increasing investments
in Kuwait over the next three months, a Reuters poll found
earlier this week.
    The Abu Dhabi index added 0.2% with Abu Dhabi
Commercial Bank gaining 1.3%.
    However, Bank Of Sharjah plunged 3.9% after
reporting a 38% slump in first-quarter profit.
    The Dubai index increased 0.3% led by a 2.5% jump
in its largest listed developer Emaar Properties.
    In Egypt, the index gained 0.2% as Egypt Kuwait
Holding leapt 5.1% and Talat Mostafa Group Holding
 was up 1.6%.
    In Qatar, the index declined 0.7% with Qatar National
Bank losing 1.5% and Commercial Bank was
down 1.9%.
        
 SAUDI ARABIA  The index         increased 0.2% to 8,827 points
 ABU DHABI     The index        edged up 0.2% to 5011 points
 DUBAI         The index          rose 0.3% to 2,656 points
 QATAR         The index        dropped 0.7% to 10,443 points
 EGYPT         The index          up 0.2% to 14,043 points
 BAHRAIN       The index        down 0.3% to 1,533 points
 OMAN          The index        gained 0.2% to 3,823 points
 KUWAIT        The index        added 0.2% to 6,634 points
 
 (Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten
Donovan)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below