|11 April, 2019

Mideast Stocks: Dubai ends 10-day rally, most Gulf markets little changed

ADNOC Distribution drops on going ex-dividend

Traders monitor stock information at Dubai Financial Market, in Dubai, United Arab Emirates, June 5, 2017.

Traders monitor stock information at Dubai Financial Market, in Dubai, United Arab Emirates, June 5, 2017.

REUTERS/Stringer

Dubai's stock market slid on Thursday as most of its financial shares dropped, snapping a 10-day winning streak, while other major Gulf markets were little changed.

The Dubai index fell 0.6 percent, led by a 1.7 percent fall in Emirates NBD, ahead of its board meeting scheduled on April 16 to approve its first-quarter financial statement.

On Wednesday, the lender said it would receive 554.5 million pounds ($725.6 million) from the sale of a stake in Network International through a secondary listing of the shares in London. Emirates NBD sold 127.5 million shares in the payment processor, reducing its stake to 25.5 percent.

Mashreq Bankdropped 6.8 percent. Last week, the bank's retail head said the bank would close 12 branches as it makes a shift towards online banking.

Qatar's blue-chip index was up 0.2 percent, with Qatar Islamic Bank increasing 2.5 percent to its highest level in over a decade.

Qatar National Bank dipped 0.6 percent. The lender reported its first-quarter results on Tuesday, missing EFG Hermes' forecast.

The Abu Dhabi index closed 0.1 percent lower, as First Abu Dhabi Bank (FAB) fell 0.7 percent.

United Arab Emirate's largest lender, FAB, was among the three banks against which Qatar filed lawsuits on Monday, accusing them of overseas currency manipulation that caused billions of dollars of damage to the Gulf state's economy. 

During after-hours trading, FAB said it had received regulatory approval to increase its foreign ownership limit to 40 percent from 25.

ADNOC Distribution dropped 3.2 percent as the stock traded ex-dividend.

Saudi Arabia's index edged up 0.1 percent, with Jareer Marketing gaining 3.2 percent. National Industrialization Company (Tasnee) was up 2.8 percent, to its highest since August 2018.

Tasnee said that its unit Cristal had completed the sale of its titanium dioxide business to Tronox Holdings. Cristal will receive a cash consideration of $1.67 billion and a 24 percent equity stake in Tronox.

 ($1 = 0.7642 pounds) ($1 = 3.6405 Qatar riyals)

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

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