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|08 November, 2018

Mideast Stocks: Banks support Qatar recovery, Oman up sharply

Emirates NBD drags on Dubai index

Image for illustrative purpose only. An investor works on his computer above the trading floor of the Muscat Securities Market (MSM) in the Commercial Business District of Ruwi in Muscat

Image for illustrative purpose only. An investor works on his computer above the trading floor of the Muscat Securities Market (MSM) in the Commercial Business District of Ruwi in Muscat

REUTERS/STR New

Qatar's bourse gained sharply and recovered some of its losses from the last two sessions, while the Oman index registered its best day in nearly two months as telecom and bank stocks gained. Other Gulf markets were mixed.

Qatar's main index booked a 1.1 percent rise and snapped two sessions of losses, buoyed by a 3.1 percent rise in Qatar National Bank and a 4.5 percent rise in Qatar Fuel Co.

The main Saudi index moved lower by 0.6 percent, dragged down by industry heavyweights Al Rajhi Banking & Investment 1120.SE and Saudi Basic Industries Corp  , which both fell nearly 1 percent.

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Saudi Cable Co 2110.SE slid 5.7 percent after third-quarter sales plummeted 43.1 percent, while Arabian Pipes 2200.SE dropped 2.6 percent after posting a loss for the same period.

Saudi Fisheries outperformed the market, surging 10 percent.

"We are not seeing liquidity move into the local markets yet despite the good (earnings)," Marie Salem, director of capital markets at FFA Private Bank in Dubai said.

"Investors are still not too comfortable investing in the region in general and in the local markets in particular," Salem added.

The Oman blue-chip bourse rose 1 percent, marking its biggest one-day gain since Sept. 12, supported by a 5 percent jump in Oman Telecommunications Co.

Abu Dhabi's index edged 0.3 percent higher, recovering from early losses, as Abu Dhabi Commercial Bank gained 1.2 percent and heavyweight Emirates Telecommunications  edged higher by 0.4 percent.

Abu Dhabi National Energy TAQA.AD reversed course to fall 0.9 percent despite recovering from a year earlier loss to post a third-quarter profit as higher oil prices boosted its revenue. 

The Egyptian blue-chip index rose 0.9 percent, boosted by a 2 percent gain in Commercial International Bank after it a reported a 53 percent jump in its net interest income for the third-quarter.

The Dubai index edged down 0.1 percent, weighed on by a 2.2 percent fall in the region's biggest lender Emirates NBD.

Emirates NBD has applied to Turkey's competition authority to take over Turkish lender Denizbank DENIZ.IS , a posting on the competition authority's website showed on Thursday.

Outperforming the index, Damac Properties climbed 3.9 percent higher.

SAUDI ARABIA

* The index was down 0.6 percent at 7,743 points.

DUBAI

* The index was down 0.1 percent at 2,826 points.

ABU DHABI

* The index rose 0.3 percent to 5,029 points.

QATAR

* The index was up 1.1 percent at 10,368 points.

BAHRAIN

* The index was down 0.2 percent at 1,313 points.

OMAN

* The index was up 1 percent at 4,491 points.

EGYPT

* The index rose 0.9 percent to 13,733 points.

KUWAIT

* The index rose 0.1 percent to 5,299 points.

($1 = 3.7509 riyals)

(Reporting Abinaya Vijayaraghavan and Muvija M in Bengaluru; Additional reporting by Saeed Azhar in Dubai; Editing by Kirsten Donovan) ((Muvija.M@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 3638; Reuters Messaging: muvija.m.thomsonreuters.com@reuters.net))