09 Dec 2019
* Nine of eleven Saudi banks gain
* Sipchem surges on share buyback proposal
* Qatar snaps a four-day winning streak
* 23 of thirty stocks in Egypt decline
By Ateeq Shariff
Dec 9 Most Gulf stock markets were in the red on
Monday with Qatar leading losses as oil prices fell, while gains
in banking shares supported the Saudi index.
Oil prices dropped on Monday after data showed Chinese
exports declined for a fourth straight month, sending jitters
through a market already concerned about damage to global demand
by the trade war between Washington and Beijing.
In Saudi Arabia, the benchmark index rose a further
0.3%, a day after it saw its biggest gain in a year.
On Sunday, the index climbed 2.4% as the kingdom spearheaded
a deal on Friday where OPEC and its allies agreed to extend
production cuts by 500,000 barrels per day to support oil
prices.
National Commercial Bank gained 2.2% and Samba
Financial Group increased 2.3%.
Elsewhere, Sahara International Petrochemical (Sipchem)
jumped 4.2% after it's board proposed to purchase up
to 10% of ordinary shares and hold them as treasury shares.
Qassim Cement climbed 4.1% following its board
proposal for a third-quarter cash dividend of 1 riyal per share.
Meanwhile, Saudi Aramco is listing its shares on
Wednesday on the Saudi exchange after completing the largest IPO
on record.
Aramco priced its IPO at 32 riyals ($8.53) per share, the
top of its indicative range, the company said in a statement
last week, raising $25.6 billion and beating Alibaba Group
Holding Ltd's record $25 billion listing in
2014.
However, the Qatari index lost 1%, snapping four
straight days of gains, as declining stocks on the index
outnumbered the gainers.
The Gulf's largest lender Qatar National Bank
retreated 2.4%, whereas Industries Qatar was down
1.9%.
In Dubai, the index fell 0.4% with Emaar Properties
shedding 1.5% and logistic firm Aramex down
2.5%.
The Abu Dhabi index was also down 0.4% as telecoms
firm Etisalat closed 0.9% down, while Abu Dhabi
Commercial Bank ended down 1.1%.
Egypt's blue-chip index decreased 0.4% with 23 of
its 30 stocks declining. EFG Hermes slid 3.4% and
Eastern Company eased 1.3%.
Exchange data on Monday showed foreign investors as net
sellers of Egyptian stocks.
** Bahrain was closed for a public holiday.
SAUDI ARABIA rose 0.3% to 8,120 points
ABU DHABI fell 0.4% to 5,023 points
DUBAI down 0.4% to 2,684 points
QATAR declined 1% to 10,277 points
EGYPT down 0.4% to 13,443 points
OMAN slipped 0.1% to 4,021 points
KUWAIT added 0.6% to 6,747 points
(Reporting by Ateeq Shariff in Bengaluru; Editing by Bernard
Orr)
05 Dec 2019
* Mesaieed gains after tax exemption
* Anaam surges on capital increase
* Sidi Kerir sees biggest fall in over 2-months
* Financials weak in Dubai, Abu Dhabi
By Ateeq Shariff
Dec 5 Qatar outperformed other Gulf stock
markets Thursday, while the Egypt bourse slipped as most of its
blue-chip stocks fell.
The Qatari index rose 0.8%, with Qatar Islamic Bank
up 3% and Mesaieed Petrochemical 0.8% higher
after it said it had received an income tax exemption and a tax
refund of 170 million riyals ($46.7 million).
In Saudi Arabia, the benchmark index rose 0.4% with
National Commercial Bank and Riyad Bank
gaining 2% and 1.7% respectively.
Elsewhere, Anaam Holding soared 9.9%, the top
gainer on the index, a day after its board proposed a capital
increase through a rights issue.
Meanwhile Saudi Aramco's bookrunners have recommended
pricing its initial public offering at 32 riyals ($8.5) per
share, the top of an indicated price range, Reuters reported,
citing three sources familiar with the deal.
Egypt's blue-chip index was off 0.1% as Sidi Kerir
Petrochemical fell 6.8%, its biggest drop since
late-September. The firm said that its estimated investment
budget for 2020 is 6.88 billion Egyptian pounds ($428.39
million).
In Dubai, the index closed flat as developer Emaar
Properties gained 0.7% while Emirates NBD Bank
was down 0.4%.
The Abu Dhabi index was also flat with Emirates
Telecommunications adding 0.4%, but Abu Dhabi
Commercial Bank was off 0.9%.
Growth in United Arab Emirates' non-oil private sector
slowed to a 10-year low in November and companies saw the first
monthly decline in new orders on record, a survey showed.
SAUDI ARABIA rose 0.4% to 7,906 points
ABU DHABI was flat at 5,047 points
DUBAI was also flat at 2,695 points
QATAR rose 0.8% to 10,358 points
EGYPT down 0.1% to 13,622 points
BAHRAIN added 0.2% to 1,547 points
OMAN slipped 0.3% to 4,029 points
KUWAIT was up 0.2% at 6,656 points
($1 = 3.6400 Qatar riyals)
($1 = 3.7500 riyals)
($1 = 16.0600 Egyptian pounds)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Alexander
Smith)
25 Nov 2019
* Banking stocks firm in Saudi
* All property shares gain in Dubai
* Qatar snaps three days of losses
* 24 of 30 Egyptian stocks slide
By Ateeq Shariff
Nov 25 All major Gulf bourses rose on Monday,
taking a cue from global equity markets as investors turned
optimistic about some progress in U.S.-China trade talks, but
Egypt remained pressured due to sell-off in blue chip stocks.
A Chinese state-backed newspaper reported that Beijing and
Washington were "very close" to an initial trade agreement,
adding to optimism from Friday, when the presidents of both
countries reiterated their desire for a deal.
In Saudi Arabia, the benchmark index edged up 0.2%,
driven by a 2.9% hike in Saudi British Bank and a 0.5%
increase in Al Rajhi Bank.
In the previous session, the index snapped a five-day rally,
which was triggered following a lending boom related to Saudi
Aramco's public listing.
Saudi banks are marketing loans to help locals subscribe
Saudi Aramco's initial public offering (IPO), with
some offering four times the usual lending limit, Reuters
reported citing two financial sources.
The jump in lending has prompted Saudi Arabia's central bank
to monitor banking sector liquidity on a daily basis assuring
that there have not been any liquidity issues so far.
Also, rating agency Moody's on Monday said that the outlook
for Gulf Cooperation Council (GCC) banks is stable except for
Oman.
However, the Oman's index traded flat.
The Abu Dhabi index closed up 1%, led by a 0.7% rise
in the country's largest lender First Abu Dhabi Bank
and a 1.2% gain in telecoms firm Etisalat.
In Dubai, the index ended 0.7% as all its real
estate stocks rose with Emaar Properties gaining 1.2%,
while its unit Emaar Development was up 2.5%.
Among other stocks, logistic company Aramex
advanced 2.8%.
On Sunday, Dubai posted a 2.1% year on year economic growth
in the first half of 2019, with real estate activity having
grown also by 2.1% in the same period and contributed nearly
7.4% to the total GDP.
The Qatari index was up 0.6%, snapping three straight
days of losses, with Commercial Bank increasing 2.3%,
while Qatar International Islamic Bank added 1.8%.
Outside of Gulf, Egypt's blue-chip index dropped
0.5%, with 24 of its 30 stocks declining. The country's largest
lender Commercial International Bank fell 0.5% and
Talaat Mostafa slid 3.1%.
SAUDI ARABIA The index edged up 0.2% to 8,014 points
ABU DHABI The index gained 1% to 5,091 points
DUBAI The index added 0.7% to 2,705 points
QATAR The index was up 0.6% to 10,311 points
EGYPT The index down 0.5% to 13,974 points
BAHRAIN The index increased 1% to 1,521 points
OMAN The index was flat at 4,083 points
KUWAIT The index rose 1.3% to 6,421 points
(Reporting by Ateeq Shariff in Bengaluru; Editing by Rashmi
Aich)
21 Nov 2019
* Financial shares weak in Abu Dhabi
* All property stocks but one dip in Dubai
* Alinma Bank appoints new chairman
* 22 of 30 stocks decline in Egypt
By Ateeq Shariff
Nov 21 Most Major Gulf stock markets fell on
Thursday, weighed down by financial stocks and falling oil
prices, while Egypt extended a losing streak to a fourth day.
Oil prices edged lower as fresh tensions between the United
States and China over protests in Hong Kong fuelled concern that
a deal to end a trade war between the world's top two economies
may be further delayed.
The Abu Dhabi stock index was down 1%, with First Abu
Dhabi Bank, the largest lender in the United Arab
Emirates, dropping 0.8% and Abu Dhabi Commercial Bank
falling 1%. International Holding (IHC) was down 5.7%.
Egypt's blue-chip index traded 0.9% lower with 22
of its 30 stocks in the red, including Commercial International
bank down 2.4% and Credit Agricole Egypt
down 2.3%.
Exchange data on Thursday showed foreign investors as net
sellers of Egyptian stocks.
In Dubai, the index dropped 0.7% with Emaar Properties
losing 1.2% and lender Emirates NBD down
0.8%.
In the real estate sector, Arabtec Holding tumbled
9.9%, while DAMAC Properties fell 3.8%.
Last week, Arabtec said it fell to a third-quarter loss from
a profit a year earlier, while DAMAC reported a steep fall in
profit for the same period.
Dubai's average property prices are seen declining 10% this
year and another 5% next year, according to a Reuters poll of
property market experts.
The economy in Dubai is heavily reliant on global trade,
which has been under pressure from the U.S.-China trade war.
Qatar's index fell 0.7% as Qatar Islamic Bank
lost 2.2%, the biggest loser on the index, and Qatar
National Bank slipped 0.6%.
Saudi Arabia's benchmark index edged up 0.1% with Al
Rajhi Bank gaining 1.3% and Alinma Bank
adding 0.4% after appointing Abdulmalik bin Abdullah Alhogail as
chairman.
SAUDI ARABIA The index rose 0.1% to 8,063 points
ABU DHABI The index dropped 1% to 5,042 points
DUBAI The index lost 0.7% to 2,684 points
QATAR The index fell 0.7% to 10,267 points
EGYPT The index fell 0.9% to 14,095 points
BAHRAIN The index was down 0.3% to 1,506 points
OMAN The index slipped 0.1% to 4,083 points
KUWAIT The index traded flat at 6,314 points
(Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten
Donovan)
20 Nov 2019
* Air Arabia rallies on Airbus deal
* IHC sees biggest gain in a month
* Arabian Centres rises on Islamic facilities
By Ateeq Shariff
Nov 20 Bank stocks helped support markets in the
United Arab Emirates on Wednesday, while Egypt's blue-chip index
extended losses for a third straight session.
Dubai's index edged up 0.1% supported by Emirates
NBD and Emaar Malls, which were up 0.4% and
1.6% respectively.
Air Arabia closed up 1.4%, stretching its winning
streak to a third day. On Monday, the budget airline announced
an order for 120 Airbus A320neo-family jets in a deal worth
about $14 billion.
However, the market's gains were capped by losses at real
estate sector with Arabtec Holding falling 4.7%, the
biggest loser on the index. On Friday, the contractor swung to a
third-quarter loss, compared with a profit a year earlier.
In Abu Dhabi, the index was also up 0.1% with First
Abu Dhabi Bank adding 0.3% and International Holding
Company(IHC) soaring 8.9%, its biggest intraday gain
since mid-October.
On Tuesday, IHC called off an acquisition of SHUAA Capital
International.
Outside the Gulf, Egypt's blue-chip index lost
0.6%.
The country's largest lender, Commercial International Bank,
dropped 1.6% and Madinet Nasr was down 2.2%.
However, the index received some support from Eastern
Company which rose 0.9%.
Saudi's benchmark index rose marginally to close up
0.1% as Saudi Basic Industries gained 0.7% and Savola
Group climbed 3%.
Arabian Centres advanced 2%. The Saudi mall
operator obtained $1.4 billion in sharia-compliant financing
facilities with a syndicate of banks.
The Qatari index traded flat with financial shares
and petrochemical stocks moving sideways.
Qatar International Islamic Bank slid 3.2%, while
Mesaieed Petrochemical gained 1.2%.
SAUDI ARABIA The index inched up 0.1% to 8,054 points
ABU DHABI The index added 0.1% to 5,093 points
DUBAI The index edged up 0.1% to 2,704 points
QATAR The index was flat at 10,337 points
EGYPT The index down 0.6% to 14,224 points
BAHRAIN The index increased 0.2% to 1,509 points
OMAN The index traded flat at 4,086 points
KUWAIT The index was up 0.2% at 6,546 points
(Reporting by Ateeq Shariff in Bengaluru; Editing by Pravin
Char)
19 Nov 2019
* Financials strong in Abu Dhabi
* Al Kathiri continues to soar on main market
* Air Arabia gains on order
* Arabtec rises after unit wins contract
By Ateeq Shariff
Nov 19 Abu Dhabi stocks outperformed other Gulf
markets on Tuesday, led by financial-services and telecoms
shares, while Egypt was hit by sell-off among blue chips.
The Abu Dhabi index advanced 0.8%, led by a 1.7% gain
by Emirates Telecommunications and a 0.7% rise in
the United Arab Emirates' largest bank, First Abu Dhabi Bank
.
International Holding jumped 4.8%. After the market
closed, the aquaculture company said that it was calling off an
acquisition of SHUAA Capital International.
Saudi Arabia's benchmark index extended gains for a
third day, to end 0.6% higher.
The kingdom's largest petrochemical maker, Saudi Basic
Industries, rose 2.4%. Savola Group was up
3.2%.
Among other stocks, Al Kathiri Holding soared
9.9%, to become the top gainer on the index. The shares were
moved to the main market on Nov. 3, and since then have risen
over 86%.
The Dubai index closed up 0.7%. Emaar Properties
gained 1.7%; Emirates NBD was up 0.4%.
Air Arabia added 1.5%, a day after the budget
airliner announced an order for 120 Airbus A320neo-family jets
in a deal worth about $14 billion.
The contractor Arabtec Holding gained 3.5% after
seeing its biggest fall in six months the day before on
third-quarter losses.
On Tuesday, its unit Arabtec Construction won a 366
million-dirham ($99.65 million) construction contract in Egypt.
After trading hours, Dubai Islamic Bank called s
board meeting on Nov. 25 to discuss acquisition of Noor Bank.
The sharia-compliant lender was down 0.4%.
The Qatari index rose 0.4% with Qatar Islamic Bank
and Masraf Al Rayan rising 1.3% and 0.8%
respectively.
Outside the Gulf, Egypt's blue-chip index traded in
the red for the second day. The index was down 0.5% with
Commercial International bank losing 0.3% and El
Sewedy Electric dropping 1.8%.
Exchange data on Tuesday showed Egyptian and Arab investors
were net sellers of Egyptian stocks.
SAUDI ARABIA The index rose 0.6% to 8,045 points
ABU DHABI The index was up 0.8% to 5,087 points
DUBAI The index gained 0.7% to 2,701 points
QATAR The index added 0.4% to 10,340 points
EGYPT The index down 0.5% to 14,313 points
BAHRAIN The index was up 0.3% at 1,507 points
OMAN The index was flat at 4,087 points
KUWAIT The index increased 0.5% to 6,309 points
($1 = 3.6727 UAE dirham)
(Reporting by Ateeq Shariff in Bengaluru)
17 Nov 2019
* Abu Dhabi sees biggest fall in over 3 months
* Aldar falls for a fourth straight day
* Emirates NBD rallies on unit's stake sale
* Saudi Paper Manufacturing gains on grant approval
By Ateeq Shariff
Nov 17 Abu Dhabi's stock market fell sharply on
Sunday, weighed down by the country's largest lender First Abu
Dhabi Bank, while other Gulf markets were mostly flat.
In Abu Dhabi, the index slid 1.5%, its biggest fall
since August, as First Abu Dhabi Bank (FAB) retreated
2.4%, while telecoms firm Emirates Telecommunications
was down 1.2%.
Among other stocks, Aldar Properties declined
2.7%, extending losses for a fourth straight session.
The property developer reported on Nov. 12 a near 8% drop in
third-quarter profit.
Arqaam Capital had a net profit forecast of 435 million
dirhams and EFG Hermes had projected 429 million dirhams,
whereas the firm reported a net profit of 387 million dirhams.
In Saudi Arabia, the index reversed course to gain
0.1% driven by a 2.4% rise in Al Rajhi Bank and a 0.9%
increase in Alinma Bank.
Elsewhere, Saudi Paper Manufacturing advanced 2.9%
following an approval for a 52 million riyals ($13.87 million)
grant.
Separately, Saudi Aramco set a price range for its listing
that implies the oil giant is worth between $1.6 trillion to
$1.7 trillion, below the $2 trillion the Saudi crown prince had
targeted but still making it potentially the world's biggest
IPO.
Aramco said on Sunday it plans to sell 1.5% of its shares or
about 3 billion shares, at an indicative price range of 30
riyals ($8.00) to 32 riyals - valuing the IPO at as much as 96
billion riyals ($25.60 billion) at the top end of the range.
Dubai's index edged up 0.1%, led by a 4.7% leap in
Emirates NBD. On Wednesday, the emirate's largest
lender confirmed the sale of 31 million shares in Network
International Holdings for 160 million pounds ($205
million).
Union Properties rose 2% after reporting
third-quarter losses that were narrower than in the previous
quarter.
However, the gains were capped by losses in Arabtec Holding
, which dived 9.6%, its biggest fall since May.
The Dubai-listed contractor swung to a third-quarter loss of
437.4 million dirhams ($119.09 million), compared with a profit
of 67.5 million dirhams a year ago.
The Qatari index was down 0.5% with the Gulf's
largest lender Qatar National Bank decreasing 1.1% and
Industries Qatar losing 1%.
Outside of the Gulf, Egypt's blue-chip index edged
up 0.1% with Commercial International Bank adding
0.7%.
However, Sidi Kerir Petrochemicals closed down
6.4%, stretching its losing streak for a fifth session. On
Tuesday, the firm reported a steep fall in its nine-month net
profit.
SAUDI ARABIA The index rose 0.1% to 7,928 points
ABU DHABI The index slid 1.5% to 5,061 points
DUBAI The index edged up 0.1% to 2,705 points
QATAR The index lost 0.5% to 10,317 points
EGYPT The index up 0.1% to 14,556 points
BAHRAIN The index fell 0.4% to 1,499 points
OMAN The index added 0.2% to 4,093 points
KUWAIT The index edged up 0.1% to 6,263 points
($1 = 0.7815 pounds)
($1 = 3.7501 riyals)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Susan
Fenton)
07 Nov 2019
* Middle East Health care jumps on strong Q3 earnings
* All but one Saudi Arabian banks gain
* Credit Agricole Egypt rises on 9-month financials
* Masraf Al Rayan gains on sukuk issuance
By Ateeq Shariff
Nov 7 Major Gulf markets were mixed on Thursday
in lacklustre trading, with banking shares and corporate
earnings making the Saudi index the biggest gainer, while
Egypt's bourse rebounded on gains in financial stocks.
Saudi Arabia's benchmark index was up 0.6%, with Al
Rajhi Bank gaining 1.2% and Samba Financial Group
advancing 3.1%.
Saudi Basic Industries was up 1.1% despite HSBC
slashing its target price to 78 riyals ($20.80) from 80 riyals.
Middle East Healthcare surged 6.1% after posting a
sharp rise in third-quarter net profit. The hospitals operator
attributed the surge to a decrease in general and administrative
expenses.
National Medical Care added 2.2% as the firm
posted a surge of more than 45% in third-quarter net profit.
The Egyptian blue-chip index rebounded 0.6%, a day
after it took a breather to snap a nine-day winning streak.
Commercial International Bank increased 0.6%. The
country's largest lender on Tuesday reported a 23% increase in
third-quarter profit.
Non-Arab foreigners were net buyers of the stocks during the
session, while Egyptians were net sellers, according to data on
the exchange website.
Among other stocks, Credit Agricole Egypt closed
1.3% higher after posting a nine-month net income of 1.87
billion Egyptian pounds ($116.22 million), compared to 1.68
billion year ago.
In Dubai the index reversed course to close up 0.4%
with blue-chip developer Emaar Properties and Emirates
NBD rising 1% and 0.4% respectively.
On Wednesday, Moody's said that the United Arab Emirates'
banking outlook is stable on resilient credit profiles in
subdued economy.
The Abu Dhabi index slipped 0.3% with the country's
largest lender First Abu Dhabi Bank losing 0.4% and
Emirates Telecommunications down 0.5%.
Industries Qatar was the main drag on the Qatari
index, which edged down 0.1%, but gains in other
blue-chips capped losses.
Masraf Al Rayan rose 1% the day after it issued
$500 million sukuk, or Islamic bonds, with five-year term, part
of a $2 billion sukuk programme.
SAUDI ARABIA The index rose 0.6% to 7,798 points
ABU DHABI The index lost 0.3% to 5,131 points
DUBAI The index added 0.4% to 2,699 points
QATAR The index slipped 0.1% to 10,275 points
EGYPT The index fell 0.6% to 14,796 points
BAHRAIN The index edged up 0.1% to 1,518 points
OMAN The index gained 0.3% to 4,041 points
KUWAIT The index was up 0.3% at 6,179 points
($1 = 3.7501 riyals)
($1 = 16.0900 Egyptian pounds)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten
Donovan)
30 Oct 2019
* FAB sees its biggest gain in over 3 months
* Savola rallies after reporting Q3 profit
* Al Hokair Group slides after posting Q3 loss
* DAMAC drops as declares no dividend
By Ateeq Shariff
Oct 30 Abu Dhabi stocks rebounded on Wednesday,
outperforming regional peers after a surge in First Abu Dhabi
Bank, while Saudi snapped a three-day losing streak on corporate
earnings announcements.
The Abu Dhabi index bounced back 1.9% after it lost
1.2% in the previous session, with market heavyweight First Abu
Dhabi Bank (FAB) surging 3.4%.
The largest lender in the United Arab Emirates saw its
biggest intraday gain since July, a day after it announced the
opening of a new branch in Saudi's Al Khobar. Another branch is
scheduled to open soon in Jeddah.
On Oct. 24 the lender also reported single-digit growth in
third-quarter net profit, broadly in line with analyst
forecasts.
In Saudi Arabia, the benchmark index gained 1.3%,
with Al Rajhi Bank increasing 2.4% and National
Commercial Bank up 1.6%.
Savola Group extended gains from the previous
session, jumping 5.5%. On Monday, the conglomerate reported
third-quarter net profit of 221.8 million riyals ($59.14
million) versus a net loss of 50.7 million riyals a year
earlier.
The firm attributed the gains to higher sales and margins,
an increase in the share of profits from associates and lower
currency exchange losses.
PetroRabigh gained 3.2%, a day after it posted a
more than 62% rise in third-quarter net profit, which it said
was due to an improved profit margin for refined products and an
improved operational performance.
However, Abdulmohsen Al Hokair Group For Tourism And
Development plunged 4.8% after posting a third-quarter
net loss of 15.5 million riyals, compared with a net profit of
1.9 million a year earlier.
The Dubai Financial Market General Index was up
0.6%, led by gains in the real estate sector.
Blue-chip developer Emaar Properties climbed 2.4%
and Dubai Islamic Bank, the United Arab Emirates'
largest sharia-compliant lender, closed 0.6% up.
But, DAMAC Properties declined 1.1% after it
announced no dividend due to low profitability and a weak
market.
Among other stocks, UAE telecoms company du declined
2% after reporting a drop in third-quarter net profit.
Qatar's index rose 0.6%, with market heavyweight
Industries Qatar and Qatar Islamic Bank
gaining 1.6% and 1.2% respectively.
Egypt's blue-chip index edged up 0.1%, aided by
gains in Sidi Kerir Petrochemicals, which soared
10.4%.
SAUDI ARABIA The index rose 1.3% to 7,793 points
ABU DHABI The index gained 1.9% to 5,173 points
DUBAI The index added 0.6% to 2,755 points
QATAR The index was up 0.6% to 10,284 points
EGYPT The index up 0.1% to 14,478 points
BAHRAIN The index lost 0.2% to 1,522 points
OMAN The index edged up 0.2% to 4,013 points
KUWAIT The index was down 0.8% at 6,231 points
($1 = 3.7502 riyals)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Mark
Potter)
24 Oct 2019
* All but one financial stocks gain in Egypt
* Bank Aljazira, Zahrat Al Waha up on Q3 earnings
* FAB's Q3 profit in line with analysts' estimates
* Qatar snaps four day losing streak
By Ateeq Shariff
Oct 24 The Egyptian stock market rebounded on
Thursday, getting a boost from financials, while most major Gulf
markets were little changed.
The Egyptian blue-chip index rose 0.6%, with 23 of
its 30 stocks in the black. Non-Arab foreigners were the net
buyers of the stocks during the session, while Egyptians were
the net sellers, according to data on the exchange website.
Tobacco products maker Eastern Company climbed
2.8%, while EFG Hermes leapt 3.1%.
Among other stocks, Egypt's Citadel Capital
climbed 3.8%. Earlier this week, the company's chairman told
Reuters that Citadel will raise its refinery production capacity
to 5.5 million tonnes of oil products per year in 2021 from 4.2
million now.
In Saudi Arabia, the benchmark index was up 0.3%,
with Saudi British Bank advancing 2% and Bank Al
Jazira ending 0.9% higher.
On Wednesday, the latter reported a near 4% rise in
third-quarter net profit, underpinned by a jump in operating
income.
Shares of National Commercial Bank, the kingdom's
largest lender, were little changed even as it posted a
quarterly net profit of 2.55 billion riyals, up 20% compared
with the same period last year.
Zahrat Al Waha For Trading firmed 4.1%, its
biggest percentage jump since July, after it reported a rise in
third-quarter net profit.
In Abu Dhabi, the benchmark index added 0.2%,
extending gains to a fourth straight session, with First Abu
Dhabi Bank (FAB) strengthening 0.8%.
Post trading hours, United Arab Emirates' largest lender
reported a 3% rise in third-quarter profit, broadly in line with
analysts' estimates.
The Qatari index reversed course to close 0.2%
higher, snapping a four-day losing streak, supported by gains in
blue-chip stocks.
Gulf's largest lender Qatar National Bank was up
0.6%, while Qatar Fuel rose 1.2%.
Dubai's benchmark index edged up 0.1%, with
blue-chip developer Emaar Properties and its unit
Emaar Malls gaining 1.1% and 1%, respectively.
SAUDI ARABIA The index rose 0.3% to 7,913 points
ABU DHABI The index added 0.2% to 5,163 points
DUBAI The index edged up 0.1% to 2,784 points
QATAR The index gained 0.2% to 10,378 points
EGYPT The index up 0.6% to 14,207 points
BAHRAIN The index was up 0.1% at 1,526 points
OMAN The index slipped 0.2% to 3,990 points
KUWAIT The index was flat at 6,285 points
($1 = 3.7504 riyals)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Aditya
Soni)