|16 April, 2019

Mideast Stocks: Financials lift Abu Dhabi, most major Gulf markets subdued

The Abu Dhabi index rose 0.3%, lifted by a 3.6% gain in Abu Dhabi Commercial Bank and a 0.4% rise in Emirates Telecommunications Group

Abu Dhabi's stock market rose on Tuesday, aided by its financial shares, while most major Gulf markets moved little, with some companies posting corporate earnings, which is expected to gather pace from next week.

The Abu Dhabi index rose 0.3 percent, lifted by a 3.6 percent gain in Abu Dhabi Commercial Bank and a 0.4 percent rise in Emirates Telecommunications Group.

United Arab Emirates-based payments and foreign exchange company Finablr plans to proceed with an initial public offer on the London Stock Exchange.

Finablr is planning to raise $200 million from the sale of new stock, with some existing shares also being offered for sale.

Saudi Arabia's index inched up 0.1 percent with retailer Fawaz Alhokair Group gaining 1.8 percent.

Alhokair's unit, Arabian Centres Co said it would proceed with an initial public offering (IPO) in Saudi Arabia that could raise about $1 billion from local and international investors.

National Company for Glass Industries lost 3 percent as the stock traded ex-dividend.

In Dubai, the index was flat, with Union Properties climbing 6.4 percent and Deyaar Development gaining 3.4 percent.

Expo 2020 Dubai, a global trade exhibition, is expected to add 122.6 billion dirhams ($33.4 billion) to the United Arab Emirates' economy between 2013 and 2031, according to an economic study conducted by consultancy EY.

The event could help Dubai's sluggish economy, which grew 1.94 percent in 2018, the weakest pace since a 2009 property crash that triggered a debt crisis.

Qatar's index was down 0.1 percent, weighed down by Qatar Commercial Bank, which dropped 1.3 percent ahead of its first-quarter earnings report on Wednesday.

(Reporting by Shakeel Ahmad in Bengaluru Editing by Raissa Kasolowsky) ((shakeel.ahmad.thomsonreuters.com@reuters.net;))

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