May 20, 2020 / 1:18 PM / 15 days ago

MIDEAST STOCKS-Egyptian stocks dip on coronavirus restrictions, FAB boosts Abu Dhabi

    * 27 of 30 Egyptian stocks decline
    * FAB rises after suspending Egyptian deal
    * Etisalat CEO resigns
    * NCB extends gains on earnings
    * Saudi Aramco snaps winning streak

    By Maqsood Alam
    May 20 (Reuters) - Egyptian shares fell sharply on Wednesday amid the
tightening of coronavirus restrictions, but major Gulf equity markets were
higher, with Abu Dhabi's index rising the most on the back of First Abu Dhabi
Bank.
    Egypt, which on Tuesday registered 720 new coronavirus cases bringing the
total infections to 13,484 cases, extended a halt to all international passenger
flights to curb the spread of the coronavirus.
    The North African country will tighten restrictions during the six-day Eid
holiday from May 24.
    Egyptian blue-chip index dropped 1.5%, with most of its
constituents ending in the red.
    Market heavyweight Commercial International Bank Egypt was down
1%, while tobacco firm Eastern Company declined 2.5%.
    Abu Dhabi's index rose 1.4% as the United Arab Emirate's largest lender
First Abu Dhabi Bank surged 2.4%.
    The stock rose as much as 1.4% on Tuesday before settling flat, after the
bank said it would not acquire Egyptian business of Lebanon's Bank Audi
.
    Meanwhile, Emirates Telecommunications Group shed 0.5% after
it said that its chief executive officer had resigned.
    Saudi Arabia's stock index edged up 0.1%, supported by a 3.8% rise
in Savola Group.
    National Commercial Bank rose 1.1% for its sixth consecutive daily
gain. The country's largest lender on Sunday reported a 2.1% rise in first
quarter profit.
    Gains were capped by the oil giant Saudi Aramco, which fell 1.1%
to 33 riyals, snapping a sixth-session winning streak.
    Qatar's stock index was up 0.6%, with lenders Masraf Al Rayan
 and Qatar Islamic Bank advancing 2.2% and 0.9%,
respectively.
    Dubai's index ended up 0.1% as Emaar Properties was up
0.8% and Emirates NBD Bank added 0.5%.
    
    
 SAUDI ARABIA          edged up 0.1% to 7,050 points
 ABU DHABI            rose 1.4% to 4,131 points
 DUBAI                  gained 0.1% to 1,933 points
 QATAR                added 0.6% to 8,856 points
 EGYPT                  dipped 1.5% to 10,205 points
 BAHRAIN              edged up 0.3% to 1,261 points
 OMAN                 inched down 0.2% to 3,387 points
 KUWAIT               was down 0.2% to 5,277 points
 
 (Reporting by Maqsood Alam in Bengaluru; Editing by Anil D'Silva)
  
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