Mideast Stocks - Major Gulf stocks gain; Aramco extends losses

Saudi Aramco dropped 0.8% to 32.8 riyals

  
A Saudi man inspects a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

A Saudi man inspects a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

REUTERS/Ahmed Yosri

United Arab Emirates stocks ended higher on Sunday, lifted by banks and property shares, while losses at oil giant Saudi Aramco limited Saudi Arabian gains.

Dubai's main share index closed up 0.3%, led by a 6.1% surge in DAMAC Properties and a 0.5% gain in Emirates NBD Bank.

DAMAC Properties confirmed that Port Investment Limited which transferred its shares to Omran Group is owned by DAMAC International Limited, a joint venture company in which DAMAC has a 20% shareholding. 

In Abu Dhabi, the index rose 0.6%, with the country's largest lender First Abu Dhabi Bank gaining 0.6% and aquaculture culture firm International Holding 2.4% higher.

Saudi Arabia's benchmark index was up 0.1%, with Al Rajhi Bank gaining 1.9%, while Bank Albilad added 1.5%.

The lender reported a net profit of 318.1 million riyals ($84.81 million) in the second quarter, up from 304.9 million riyals year ago.

Saudi Aramco dropped 0.8% to 32.8 riyals.

The value of kingdom's oil exports dropped by 65% year on year in May, representing a fall of nearly $12 billion, official data showed on Thursday. 

The Qatari index edged up 0.1%, helped by a 3% rise in Commercial Bank and a 8.7% jump in Qatar Aluminum Manufacturing Company after it reported an increase in first-half net profit.

Petrochemical firm Industries Qatar , however, slipped 0.8% ahead of its second-quarter earnings announcement.

The Gulf state has reiterated its commitment to resolving the long-running diplomatic dispute with some of its neighbours via peaceful and diplomatic means, state news agency QNA said on Thursday. 

The blue-chip index in Egypt was up 0.6%, as most of its stocks were in positive territory including EFG Hermes Holding rising 8.3%.

SAUDI ARABIA was up 0.1% to 7,434 points ABU DHABI rose 0.6% to 4,285 points DUBAI up 0.3% to 2,059 points QATAR added 0.1% to 9,375 points EGYPT up 0.6% to 10,524 points BAHRAIN eased 0.1% to 1,284 points OMAN slipped 0.2% to 3,558 points KUWAIT lost 0.3% to 5,263 points

($1 = 3.7507 riyals)

(Reporting by Ateeq Shariff in Bengaluru; editing by Barbara Lewis) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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