November 22, 2018 / 1:44 PM / 18 days ago

MIDEAST STOCKS-Banks aid Saudi gain, most Gulf markets quiet

* Saudi’s Anaam International jumps after MoU

* Technical glitch causes Qatar to cancel trades

* Dubai’s Shuaa Capital gains on Ajman Bank stake purchase

* Dubai Investments resumes slide

* Kuwait and Oman closed for holidays

By Shakeel Ahmad

Nov 22 (Reuters) - Saudi Arabia’s stock market rose sharply on Thursday, boosted by rebounding bank shares, while most Gulf markets were little changed in quiet trade.

The Saudi index rose 1.2 percent, with National Commercial Bank, the largest Saudi lender, adding 2.5 percent and Al Rajhi Bank gaining 2.3 percent.

Anaam International Holding Group surged to its 10 percent limit in heavy trade after it signed a non-binding memorandum of understanding to buy real estate and commercial assets owned by Abdullah Abbar & Sons Cold Stores and Dar Al Abbar Co.

Amana Cooperative Insurance added 1.2 percent after the Capital Market Authority approved its request to raise 100 million riyals ($26.7 million) through a rights issue.

Abdullah Saad Mohammed Abo Moati, a third-tier stock traded by local retail investors, jumped 9.2 percent in light trade after reporting a rise in its third-quarter profit.

But Saudi Industrial Export fell 10 percent, its seventh day of losses after gaining more than 200 percent since early October.

Qatar’s index rose 0.4 percent as telecommunications firm Ooredoo was the top gainer, increasing 2.7 percent while Vodafone Qatar added 1.1 percent.

The Qatar stock exchange reported a technical failure and cancelled all trades executed before the glitch. It did not disclose details, and subsequently resumed trading.

The Egyptian blue-chip index lost 0.4 percent. The country’s largest lender, Commercial International Bank , dropped for a third straight session and was 1.9 percent lower.

Palm Hills Developments lost 1.9 percent, despite posting a much higher third-quarter profit.

But Juhayna Food Industries continued to gain and rose 3.9 percent to 11.00 Egyptian pounds. HSBC had raised its rating on the stock to ‘hold’ from ‘reduce’, with a price target of 9.5 pounds.

The Abu Dhabi index was up 0.3 percent after falling in the last two sessions. The United Arab Emirates’ largest lender, First Abu Dhabi Bank, rose 1.0 percent and Abu Dhabi Commercial Bank gained 2 percent.

Dubai’s index was flat. Dubai Investments fell back 2.0 percent after snapping a five-day losing streak on Wednesday.

Shuaa Capital rose 2.9 percent after saying it had acquired a 4.8 percent stake in Ajman Bank for 100 million dirhams. The bank edged down 0.1 percent.

The Kuwait and Oman markets were closed for public holidays. SAUDI ARABIA * The index rose 1.2 percent to 7,607 points. DUBAI * The index was flat at 2,755 points. ABU DHABI * The index was up 0.3 percent at 4,985 points. QATAR * The index was up 0.4 percent to 10,328 points. EGYPT * The index was down 0.4 percent at 13,675 points. BAHRAIN * The index rose 0.7 percent at 1,323 points. (Editing by Andrew Torchia and Alexander Smith)

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