Mideast Stocks: Most Gulf markets gain, Dubai hit by ex-dividend stocks

Emirates NBD Q1 profit rises as economy rebounds

A woman uses her mobile at Dubai Financial Market in Dubai, United Arab Emirates September 16, 2019.

A woman uses her mobile at Dubai Financial Market in Dubai, United Arab Emirates September 16, 2019.

REUTERS/Christopher Pike

Most Gulf share markets advanced on Tuesday, while the Dubai index ended lower as several companies traded ex-dividend.

Saudi Arabia's benchmark index rose 0.2%, helped by a 0.6% gain in Al Rajhi Bank and a 2.2% increase in Riyad Bank.

But Yamama Cement retreated 4% after it reported a decline quarterly profit.

In Dubai, the main share index eased 0.3%. Blue-chip developer Emaar Properties and Dubai Investments fell 1.8% and 4.9%, respectively, as the duo traded ex-dividend.

Limiting losses on the index, Emirates NBD gained 0.8% after it reported a higher first-quarter net profit as Dubai's largest lender benefited from improving economic conditions. 

The bank said its expansion into Turkey, where it acquired DenizBank in 2019, had helped diversify its earnings, with the unit contributing 28% of the group's net profit.

In Abu Dhabi, the index closed 0.9% higher on the back of a 3.8% jump in aquaculture firm International Holding.

International Holding has been underpinning the index recently as it has rapidly expanded across major business sectors, boosting profit and positioning it for long-term growth.

First Abu Dhabi Bank, the country's largest lender, rose 0.7% ahead of a board meeting to approve its first-quarter earnings.

The United Arab Emirates' central bank said on Tuesday it had extended until mid-2022 stimulus measures launched last year to mitigate the impact of the coronavirus crisis on the economy. 

The Qatari index edged down 0.1%, with Qatar Islamic Bank losing 0.8%.

Outside the Gulf, Egypt's blue-chip index ended 1.7% higher to extend gains for a fourth consecutive session, with 27 out of the 30 stocks in the index in the black.

Exchange data showed foreign investors were net buyers of the stocks.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Aditya Soni) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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