Mideast Stocks-Kuwait leads most of Gulf higher; Qatar retreats

DAMAC Properties extends gains

  
Traders monitor stock information at the Borsa Kuwait Stock Exchange, in Kuwait City, Kuwait November 9, 2016. Image used for illustrative purpose.

Traders monitor stock information at the Borsa Kuwait Stock Exchange, in Kuwait City, Kuwait November 9, 2016. Image used for illustrative purpose.

REUTERS/Stephanie McGehee

Most Gulf stock markets ended higher on Monday with Kuwait leading the gains on the back of a broad increase in shares in its index, while Qatar's was hit by first-half losses from Qatar Insurance Company.

Saudi Arabia's benchmark index added 0.3%, bolstered by a 0.6% gain in Saudi Aramco and a 1% rise in Saudi Basic Industries.

But Yamama Cement declined 1.8% as the company reported a fall in second-quarter net profit.

In Kuwait, the index advanced 1.7%, buoyed by a 3.5% jump in National Bank of Kuwait.

News about the health of the Emir of Kuwait, who is in the United States for medical treatment, is "very reassuring," parliament speaker Marzouq al-Ghanim said on Sunday in a statement on the parliament's Twitter account.

The Qatar index slipped 0.3%, hit by a 4.2% slide in Qatar Insurance after the company reported a net loss of 207.8 million riyals ($57.06 million) in the first half, compared with a profit of 409.9 million riyals a year ago.

Elsewhere, petrochemical company Industries Qatar retreated 1% ahead of its second-quarter earnings announcement.

Dubai's main share index edged up 0.1%, helped by a 8.3% surge in DAMAC Properties and a 0.8% increase 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 advanced 1.1%, with the country's largest lender First Abu Dhabi Bank rising 2.6%, while Emirates Telecommunications was up 0.5%.

Outside the Gulf, Egypt's blue-chip index was up 0.5%. Commercial International Bank ticked up 0.7%, while Juhayna Food Industries added 2.6%.

SAUDI ARABIA rose 0.3% to 7,456 points ABU DHABI gained 1.1% to 4,331 points DUBAI was up 0.1% to 2,061 points QATAR slipped 0.3% to 9,351 points EGYPT up 0.5 to 10,575 points BAHRAIN eased 0.1% to 1,282 points OMAN was flat at 3,557 points KUWAIT added 1.7% at 5,352 points

($1 = 3.6415 Qatar riyals)

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

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