April 16, 2019 / 1:15 PM / 2 months ago

MIDEAST STOCKS-Banks lead Saudi higher, while Egyptian shares see sell-off

    * Saudi's Alhokair gains on unit IPO plan
    * 25 of 30 stocks on Egypt's blue-chip index slide
    * Egypt's EKHO falls for 10th session
    * Abu Dhabi eases back from near 5-year high

    By Shakeel Ahmad
    April 16 (Reuters) - Saudi Arabia's stock market rose on
Tuesday as most of its banks gained, while a wide sell-off
pulled down Egypt's blue-chip share index. 
    Saudi Arabia's index was up 0.6 percent with Saudi
Arabian Mining adding 3.8 percent and Alinma Bank
 gaining 3 percent.   
    Retailer Fawaz Alhokair Group climbed 2.9 percent.
Its unit, Arabian Centres, said it will this month launch what
could be Saudi Arabia's largest initial public offering in five
years, which it hopes will raise around $1 billion.
    Egypt's blue-chip index was down 0.6 percent,
losing for a fourth straight day, with 25 of its 30 stocks
sliding. Investment firm Egypt Kuwait Holding (EKHO)
fell for a 10th straight session, closing 2.5 percent lower. The
stock has been falling since CI Capital slashed its rating on
the stock to "neutral" with a price target of $1.75. 
    In Dubai, the index slipped 0.5 percent, weighed
down by real estate shares. Emaar Properties dropped 2
percent while DAMAC Properties shed 1.5 percent. 
    Expo 2020 Dubai, a global trade exhibition, is expected to
add 122.6 billion dirhams ($33 billion) to the United Arab
Emirates' economy between 2013 and 2031, according to an
economic study conducted by consultancy EY.
    The event could help Dubai's sluggish economy, which grew
1.9 percent in 2018, the weakest pace since a 2009 property
crash that triggered a debt crisis.
    Qatar's index was up 0.4 percent with blue-chip
petrochemical maker Industries Qatar gaining 0.9
percent. 
    Qatar Electricity And Water climbed 1.1 percent.
On Monday, it said it aims to generate 40 percent of its profit
from foreign investment arm Nebras Power.
    The Abu Dhabi index was down 0.2 percent, easing back
from a near five-year high touched in the last session.
    Market heavyweight First Abu Dhabi Bank slipped 0.9
percent after rising to a record high in the previous session,
following regulatory approval to increase its foreign ownership
limit to 40 percent from a previous limit of 25 percent.  
     United Arab Emirates-based payments and foreign exchange
company Finablr plans to proceed with an initial public offer on
the London Stock Exchange.
    Finablr is planning to raise $200 million from the sale of
new shares, with some existing shares also being offered for
sale.
   
 SAUDI       The index         rose 0.6 pct to 9,140 points
 ARABIA      
 ABU DHABI   The index        was down 0.2 pct at 5,214 points
 DUBAI       The index          fell 0.5 pct to 2,792 points
 QATAR       The index        was up 0.4 pct at 10,259 points
 EGYPT       The index          fell 0.6 pct to 14,973 points
 BAHRAIN     The index        was up 0.1 pct at 1,443 points
 OMAN        The index        fell 0.7 pct to 3,985 points
 KUWAIT      The index        rose 0.8 pct to 6,182 points
 


 (Reporting by Shakeel Ahmad in Bengaluru; Editing by Susan
Fenton)
  
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