October 14, 2019 / 1:22 PM / a month ago

MIDEAST STOCKS-Banks boost Qatar, Deyaar's surge lifts Dubai

    * Most Qatari banks gain ahead of Q3 earnings
    * Deyaar touches its highest in a year
    * Air Arabia gains on prospect of planes order
    * Bahri slides as it went ex-dividend

    By Shamsuddin Mohd
    Oct 14 (Reuters) - Qatar's stock market rose sharply on
Monday, helped by financial shares, while a surge in Deyaar
Development buoyed the Dubai index, even as most Middle Eastern
stocks were quiet.
    In Qatar, the index rose 1.2%, extending its gains
for a third straight day, with Qatar Islamic Bank
increasing 2.6% and Masraf Al Rayan adding 3.3%. The
two are scheduled to report their third quarter financials on
Oct. 16 and 27 respectively.
    Dubai's main share index was up 0.5% as real estate
developer Deyaar Development soared 14.7%, reaching
its highest since November 2018, after the company said its
board would approve third-quarter results later this week.
    Air Arabia also gained 1.5% after the company's
chief executive officer said the budget airline might decide by
January on an order for around 115 to 120 planes.
    In Saudi Arabia, the benchmark index slipped 0.4%.
Riyad Bank lost 2.7% and Jabal Omar development
 dropped 1.2%.
    Amongst other stocks, National Shipping Company of Saudi
Arabia (Bahri) was down 3% as it traded ex-dividend.
    With Monday's fall, the Saudi bourse's main index has fallen
in nine of ten sessions this month, leaving it at 3.1% down so
far this year. It had gained more than 20% in the first four
months of 2019 in the run up to joining the MSCI and FTSE
emerging-market indexes, which helped attract billions of
dollars from passive funds.
    However, the trade dispute between the United States and
China, growing geopolitical risks in the region and volatile oil
prices have hit the market since then and kept active emerging
market funds from investing in the kingdom.
    Outside the Gulf, Egypt's blue-chip index slipped
0.3% led by a 2.5% fall in real estate developer Talaat Mostafa
 and a 5.1% plunge in Juhayna Food.
    In Abu Dhabi, the index traded flat with market
heavyweight First Abu Dhabi Bank adding 0.4% while Abu
Dhabi Commercial Bank was down 1.8%.
      
 SAUDI ARABIA  The index         was down 0.4% to 7,599 points
 ABU DHABI     The index        traded flat to 5,088 points
 DUBAI         The index          rose 0.5% to 2,839 points
 QATAR         The index        was up 1.2% to 10,404 points
 EGYPT         The index          fell 0.3% to 14,181 points
 BAHRAIN       The index        was up 0.1% to 1,521 points
 OMAN          The index        was flat at 4,014 points
 KUWAIT        The index        was flat to 6,226 points
  

 (Reporting by Shamsuddin Mohd in Bengalurul; Editing by Angus
MacSwan)
  
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