February 26, 2019 / 2:02 PM / 5 months ago

MIDEAST STOCKS-Dubai hits 3-month high, COMI pressures Egypt

    * Five of six property stocks in Dubai gain
    * Emaar Malls rises on Namshi acquisition
    * Commercial International Bank drags on Egypt
    * Barwa Real Estate rises on higher FY profit

    By Ateeq Shariff
    Feb 26 (Reuters) - Dubai shares hit a three-month high on
Tuesday as all but one of its real estate firms gained, while
Egypt's blue-chip index declined, primarily led by Commercial
International Bank (COMI).
    The Dubai index rose 0.9 percent to reach its
highest in nearly three months. The index, which was one of the
world's worst performing markets last year, has risen 6.1
percent year-to-date, mainly triggered by strong fourth-quarter
earnings from real estate firms.
    Emaar Properties added 2.5 percent in heavy volume
and its unit Emaar Development surged 6.8 percent.
    Emaar Malls rose 2.2 percent following Monday's
475.5 million dirhams ($129.47 million) purchase of the 49
percent of e-commerce fashion website Namshi it did not already
own from Global Fashion Group (GFG).
    Egypt's blue-chip index fell 0.4 percent, with
Commercial International Bank, the stock with the largest weight
on the index, sliding 2.4 percent.
    The index is still up 14.2 percent so far this year, led by
COMI, which has risen 18.1 percent.
    Ezz Steel Co was down 2.7 percent. Arqaam Capital
said it expects another quarter of losses to the tune of 646
million Egyptian pounds in the fourth-quarter as margins are
weighed down by subdued prices.
    Saudi Arabia's index changed course after falling
for three sessions and rose 0.3 percent, with heavyweight
petrochemical maker Saudi Basic Industries gaining 0.8
percent and Al Rajhi Bank adding 0.7 percent.
    Al Yamamah Steel increased 0.4 percent after
signing a 44.1 million riyal supply contract with Saudi
    The Saudi index outperformed its Gulf peers in January in a
rally led by foreign investors, who have been net buyers every
week this year, according to weekly data from the Saudi
exchange. The index is up 8 percent year-to-date. 
    Qatar's index gained 0.3 percent with Qatar National
Bank adding 3.9 percent.
    Barwa Real Estate added 1.6 percent after its
full-year profit increased to 1.91 billion riyals ($524.73
million) from 1.70 billion riyals a year earlier.
    The Abu Dhabi index was up 0.5 percent with Abu Dhabi
National Hotels surging 14.8 percent.
 SAUDI ARABIA  The index         fell 0.3 pct to 8,456 points
 DUBAI         The index          was up 0.9 pct at 2,684 points
 ABU DHABI     The index        added 0.5 pct to 5,140 points
 QATAR         The index        increased 0.3 pct to 10,256
 EGYPT         The index          fell 0.4 pct to 14,887 points
 KUWAIT        The index        gained 0.4 pct to 5,502 points
 BAHRAIN       The index        rose 0.5 pct at 1,415 points
 OMAN          The index        was up 0.5 pct at 4,089 points

($1 = 3.6728 UAE dirham)

($1 = 3.6400 Qatar riyals)

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten
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