April 11, 2019 / 1:24 PM / 2 months ago

MIDEAST STOCKS-Dubai ends 10-day rally, most Gulf markets little changed

    * FAB continues to slide after Qatar's lawsuit
    * Saudi's Tasnee gains after Cristal-Tronox deal completion
    * ADNOC Distribution drops on going ex-dividend
    * Qatar National Bank falls after Q1 results

    By Ateeq Shariff
    April 11 (Reuters) - Dubai's stock market slid on Thursday
as most of its financial shares dropped, snapping a 10-day
winning streak, while other major Gulf markets were little
changed.
    The Dubai index fell 0.6 percent, led by a 1.7
percent fall in Emirates NBD, ahead of its board
meeting scheduled on April 16 to approve its first-quarter
financial statement.
    On Wednesday, the lender said it would receive 554.5 million
pounds ($725.6 million) from the sale of a stake in Network
International through a secondary listing of the shares
in London. Emirates NBD sold 127.5 million shares in the payment
processor, reducing its stake to 25.5 percent.
    Mashreq Bank dropped 6.8 percent. Last week, the
bank's retail head said the bank would close 12 branches as it
makes a shift towards online banking.
    Qatar's blue-chip index was up 0.2 percent, with
Qatar Islamic Bank increasing 2.5 percent to its
highest level in over a decade.
    Qatar National Bank dipped 0.6 percent. The lender
reported its first-quarter results on Tuesday, missing EFG
Hermes' forecast.
    The Abu Dhabi index closed 0.1 percent lower, as
First Abu Dhabi Bank (FAB) fell 0.7 percent.
    United Arab Emirate's largest lender, FAB, was among the
three banks against which Qatar filed lawsuits on Monday,
accusing them of overseas currency manipulation that caused
billions of dollars of damage to the Gulf state's economy.

    During after-hours trading, FAB said it had received
regulatory approval to increase its foreign ownership limit to
40 percent from 25.
    ADNOC Distribution dropped 3.2 percent as the
stock traded ex-dividend.
    Saudi Arabia's index edged up 0.1 percent, with
Jareer Marketing gaining 3.2 percent. National
Industrialization Company (Tasnee) was up 2.8 percent,
to its highest since August 2018.
    Tasnee said that its unit Cristal had completed the sale of
its titanium dioxide business to Tronox Holdings.
Cristal will receive a cash consideration of $1.67 billion and a
24 percent equity stake in Tronox.
    The Egyptian index traded flat with Egypt Kuwait
Holding declining 4.8 percent.         
 SAUDI ARABIA  The index         was up 0.1 pct to 9,088 points
 ABU DHABI     The index        slipped 0.1 pct to 5,052 points
 DUBAI         The index          fell 0.6 pct to 2,790 points
 QATAR         The index        added 0.2 pct to 10,259 points
 EGYPT         The index          was flat at 15,106 points
 BAHRAIN       The index        lost 0.3 pct to 1,438 points
 KUWAIT        The index        gained 0.2 pct to 6,126 points
 ($1 = 0.7642 pounds)
($1 = 3.6405 Qatar riyals)

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Kevin
Liffey)
  
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