July 15, 2019 / 1:32 PM / 2 months ago

MIDEAST STOCKS-Saudi extends gains, other markets ease ahead of earnings

    * Saudi gains for the sixth session
    * Most property stocks up in Dubai
    * Abu Dhabi ends 9-day winning streak

    By Ateeq Shariff
    July 15 (Reuters) - Saudi Arabia's stock market rose for a
sixth day with banks leading the rally on the back of a positive
earnings outlook, while most other Gulf bourses fell back as
investors await corporate results.
    In Saudi Arabia the Tadawul main index rose 0.3%,
continuing its winning streak for the sixth straight session.
Lately the index has risen on the back of banks after EFG Hermes
forecast a higher second-quarter profit for Saudi lenders.
    National Commercial bank added 1.2%, while Riyad
Bank gained 1.6% a day after it traded ex-dividend.
    The Dubai index was up 0.4% due to strong real
estate stocks, with Emaar Properties rising 1.7%, and
Dubai Investments jumping 3.1%.
    DXB Entertainment closed flat. The theme park
company rose as much as 3.4% during the day after reporting a 5%
growth in second-quarter visits compared to same period year
ago.
    In Abu Dhabi, the index slipped 0.3%, snapping nine
straight days of gains, driven down by the country's largest
lender First Abu Dhabi Bank, which fell 0.3% and Abu
Dhabi Commercial Bank, which dropped 1.2%.
    Kuwait's index declined 0.8%, its second day of loss
following a surge in 11 straight sessions after MSCI's decision
to move Kuwaiti equities to its main emerging-market index in
2020.
    The index is still up more than 27% year-to-date
outperforming its Gulf peers.
    "GCC markets are being impacted by lower volumes in the
summer to some extent. We see foreigners increasing their
ownership in specific stocks," said Vrajesh Bhandari, senior
portfolio manager, Al Mal Capital.
    "Investors are awaiting full set of second-quarter results
to form a clear view of which way the economies are headed and
which companies are adapting better to the changing market
conditions".    
    Qatar's index traded flat with Qatar National Bank
 gaining 0.5% and market heavyweight Industries Qatar
 was down 0.6%.
    Egypt's blue-chip index slid 0.3% with Commercial
International Bank shedding 1.2% and Juhayna Food
 losing 2.7%.
        
 SAUDI ARABIA  The index         increased 0.3% to 9,044 points
 ABU DHABI     The index        lost 0.3% to 5,042 points
 DUBAI         The index          rose 0.4% to 2,716 points
 QATAR         The index        was flat at 10,596 points
 EGYPT         The index          dropped 0.3% to 13,628 points
 BAHRAIN       The index        fell 0.2% to 1,534 points
 OMAN          The index        declined 0.2% to 3,786 points
 KUWAIT        The index        decreased 0.8% at 6,724 points
 
    
        

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Toby
Chopra)
  
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