|14 October, 2019

Mideast Stocks: Gulf stocks gain ahead of corporate earnings, Qatar outperforms

Saudi Arabia's index inched up 0.2% after five straight sessions of losses, with Al Rajhi Bank and Saudi Telecom gaining 0.5% and 0.6%, respectively

All major Gulf stock markets gained on Monday ahead of corporate earnings, which are expected to gather pace later this week, with Qatar outperforming its regional peers.

Qatar's index was up 0.5%, led by lenders. Masraf Al Rayan advanced 2.8%, while Qatar Islamic Bank rose 1.3% ahead of its nine-month earnings on Wednesday.

Saudi Arabia's index inched up 0.2% after five straight sessions of losses, with Al Rajhi Bank and Saudi Telecom gaining 0.5% and 0.6%, respectively.

Advanced Petrochemical increased 1.4% after the company board proposed a third-quarter dividend of 0.65 riyal per share.

Electrical Industries rose 3.5% as the company signed a non-binding memorandum of understanding with Russia's Izolyator Company to evaluate building an insulators plant in Saudi Arabia.

Dubai's index edged up 0.3% in its fourth straight session of gains. Dubai Islamic Bank added 0.6%, while Deyaar Development rose 5.1% after the company said its board would approve third-quarter results later this week.

Air Arabia gained 1.5% after the company's chief executive officer said the budget airline might decide by January on an order for around 115 to 120 planes.

In Abu Dhabi, the index was up 0.1%. International Holding Company rose 4.7% and Emirates Telecommunications Group gained 0.2%.

Contractor Arabtec Holding added a further 2% to the previous session's gain after the company hired an adviser on a potential merger with another construction firm, Trojan Holding, Reuters reported citing sources.

(Reporting by Maqsood Alam in Bengaluru; Editing by Subhranshu Sahu) ((Maqsood.Alam@thomsonreuters.com;))

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