Mideast Stocks: Saudi drops as banks decline but COMI supports Egypt

All property stocks decline in Dubai

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

Most major Gulf stock markets fell on Monday, with Saudi stocks leading the losses on the back of declines in financial shares, while Commercial International Bank (COMI) aided Egypt's index.

In Saudi Arabia the index dropped 1.4%, with Al Rajhi Bank 1120.SE losing 2.9% and National Commercial Bank diving 3.8%.

Zain Saudi extended losses from the previous session to end 3.4% down. The telecoms operator on Thursday reported a third-quarter net profit of 121 million riyals ($32 million), up from 48 million a year earlier but down nearly 7% from the second quarter.

Al Hammadi Company For Development And Investment fell 2.4% after it reported a fall in third-quarter net profit.

By contrast Egypt's blue-chip index added 0.5%, with COMI, the largest lender, gaining 0.9%, while Madinet Nasr rose 2.5%.

The Qatari index fell 0.8%, with Qatar National Bank shedding 1.4% while Masraf Al Rayan was down 1.6%.

The latter reported marginal growth in nine-month net profit to 1.65 billion riyals ($453 million), compared with 1.63 billion a year earlier.

The Dubai index reversed course to close 0.4% lower as all its real estate stocks declined. Blue-chip developer Emaar Properties eased 1.1%, while its unit Emaar Malls slid 3.1%.

However, Emirates NBD added 0.4% after posting an 89% surge in third-quarter profit. The lender said it gained 4.4 billion dirhams ($1.2 billion) from the initial public offering of Network International

In Abu Dhabi the index edged down 0.3%, with the country's largest lender First Abu Dhabi Bank and Emirates Telecommunications each losing 0.5%.

Abu Dhabi Commercial Bank (ADCB) added 2.9% after on Sunday posting a 13% drop in third-quarter profit, in line with analysts' forecasts. The results were the second combined figures after ADCB merged with Union National Bank and Al Hilal Bank.

($1 = 3.6727 UAE dirham) ($1 = 3.7503 riyals)

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


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