April 24, 2019 / 1:18 PM / 3 months ago

MIDEAST STOCKS-Egypt, Qatar gain on financials; cement makers lift Saudi

    * Egypt Kuwait Holding rebounds after trading ex-dividend
    * Al Moammar jumps above offer price in debut 
    * Abu Dhabi snaps five-days of gains
    * Emirates Integrated slides on Q1 result 

    By Ateeq Shariff
    April 24 (Reuters) - Egypt's blue-chip index and the Qatar
stock market rose modestly on Wednesday, buoyed by their
financial shares, while the Saudi index edged up on the back of
its cement producers.
    The Egyptian index rose 0.9 percent, after its
largest lender Commercial International Bank increased
0.6 percent and Egypt Kuwait Holding rebounded 3.7
percent after trading ex-dividend on Tuesday.
    Eastern Company inched up 0.1 percent. On Monday,
HC Research raised its rating on the cigarette maker to
'neutral' from 'underweight'.
    "We remain positive on Egypt. Supported by broad reforms and
with multiple catalysts ahead (stable or falling interest rates,
continued recovery in tourism, increased gas output), Egypt
markets have the potential to deliver healthy returns," Al Mal
Capital said in a note.
    Qatar's blue-chip index closed 0.7 percent higher
with Qatar National Bank adding 2.8 percent and
Commercial Bank gaining 3.3 percent to its highest
level since October 2015.
    Qatar Gas Transport Company (Nakilat) was up 1.4
percent, extending its gains for the fifth session. On Sunday,
the transport firm reported a 9 percent rise in its
first-quarter net profit.
    Saudi's index was up 0.1 percent, helped by its
cement companies. Al Jouf Cement added 0.8 percent
after signing a memorandum of understanding to convert its
second production line to produce white cement.
    Qassim Cement was the top percentage gainer on the
index, rising 6.5 percent. The firm reported a drop in
first-quarter profit, but posted a 3.7 percent gain in its sales
and proposed a divided of 0.60 riyal per share.
    Al Moammar Information Systems rose 4.9 pct to
47.20 riyals on its first day of trading, above its offer price
of 45 riyals per share.
    The Abu Dhabi index retreated 0.2 percent, snapping
five-days of gains, after the country's largest lender First Abu
Dhabi Bank slid 0.7 percent.
    Dubai's index lost 0.3 percent, with Emaar
Properties sliding 2 percent and its unit Emaar Malls
 shedding 1.7 percent.
    Emaar Malls' shareholders approved cancellation of the
constitutive regulation of its employees' incentive programme.
    Emirates Integrated Telecommunications (du) declined
1.4 percent. The telecom operator reported a 12 percent drop in
its first-quarter profit.

 SAUDI ARABIA  The index <.TASI. was up 0.1 pct at 9,238 points
 ABU DHABI     The index        fell 0.2 pct to 5,395 points
 DUBAI         The index          lost 0.3 pct to 2,803 points
 QATAR         The index        added 0.7 pct to 10,458 points
 EGYPT         The index          rose 0.9 pct to 14,770 points
 BAHRAIN       The index        was flat at 1,438 points
 OMAN          The index        slipped 0.2 pct to 3,950 points
 KUWAIT        The index        was up 0.4 pct at 6,170 points
    
($1 = 3.7500 riyals)

 (Reporting by Ateeq Shariff in Bengaluru
Editing by Alexandra Hudson)
  
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