|19 November, 2019

Mideast Stocks: Abu Dhabi outperforms as major Gulf markets rise

Financials strong in Abu Dhabi

Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014.

Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014.

REUTERS/Stringer

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.

($1 = 3.6727 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

More From Markets