Mideast Stocks: Most Gulf markets end higher, Doha Bank lifts Qatar

Talaat Mostafa rises on unit's hotel project

  
An investor monitors an electronic board displaying stock information at the Dubai Financial Market June 13, 2013.

An investor monitors an electronic board displaying stock information at the Dubai Financial Market June 13, 2013.

REUTERS/Ahmed Jadallah

Most Gulf markets closed higher on Thursday amid rising oil prices, with Qatar outperforming as Doha Bank jumped after releasing a five-year plan.

Oil prices held near one-month highs on Thursday supported by China's efforts to boost its economy, a drop in new coronavirus cases and supply concerns in Venezuela and Libya.

Brent crude futures were up 7 cents at $59.19 a barrel by 0939 GMT.

In Qatar, the index closed up 0.6% with Doha Bank surging 9.6%, its biggest intra-day rise since May 2009, while Qatar Islamic Bank ended up 0.8%.

Doha Bank released a supplementary release to its full year earnings saying it has created a five years strategic plan to address challenging economic conditions.

The bank shed over 17% in its last three sessions, after its 2019 net profit dropped to 754 million riyals from 830 million riyals a year earlier.

Saudi Arabia's benchmark index was up 0.5% as Al Rajhi Bank 1120.SE added 0.9% and Jabal Omar Development 4250.SE jumped 5.8%.

Oil giant Saudi Aramco ended up 0.8% at 33.65 riyals ($8.97).

Dubai’s index was up 0.4% with Emirates NBD Bank rising 1.6% and Emirates Integrated Telecommunications DU.DU gaining 1.8%.

In Abu Dhabi, the index, however, closed 0.8% down, dragged by banking shares as First Abu Dhabi BankFAB.AD lost 1.2% and Abu Dhabi Commercial Bank shed 1.6%.

In Egypt, the blue-chip index edged up 0.2%. El Sewedy Electric added rose 2.2% after it reported higher revenue in 2019 and proposed a per share dividend of 0.80 Egyptian pound. 

Talaat Mostafa Group Holding gained 1.8%. On Wednesday, the company said its unit will build a hotel with an investment cost of about 1.5 billion Egyptian pounds ($96.59 million) in partnership with Egyptian General Co For Tourism & Hotel. 

($1 = 3.7507 riyals)

($1 = 15.5300 Egyptian pounds)

($1 = 3.6405 Qatar riyals)

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

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