Mideast Stocks: Dubai continues rally, most major Gulf markets mixed

Saudi's Walaa soars on FY dividend, capital increase

  
Investors follow stock exchange information at the Dubai Financial Market December 6, 2009. .

Investors follow stock exchange information at the Dubai Financial Market December 6, 2009. .

REUTERS/STR New

Dubai's stock market edged up on Tuesday stretching its rally for the ninth consecutive session, aided by its industrial and financial shares, while trading was mixed across other major Gulf markets.

The Dubai index closed 0.2 percent higher, with Emirates Integrated Telecommunications DU.DU rising 1.6 percent.

Dubai Investments rose 2 percent to reach its highest level since November. On Sunday, the firm signed an $86 million contract with ABB Industries to commission a new Dubai Electricity and Water Authority substation.

United Arab Emirates' Finablr said it expects to register to launch an initial public offering in London. The payments and foreign exchange firm said that the deal could raise at least $200 million.

The Abu Dhabi index traded flat with First Abu Dhabi Bank, the country's largest lender, slipping 0.7 percent.

Qatar filed lawsuits against three lenders including First Abu Dhabi Bank, accusing them of causing damage to the tune of billions of dollars to its economy by what it called overseas currency manipulation in the wake of an Arab boycott in 2017.

National Bank Of Fujairah jumped 11.9 percent. On Sunday, the lender said that it launched a representative office in Antwerp.

Saudi Arabia's index inched up 0.1 percent, with Walaa Cooperative Insurance 8060.SE surging 9.9 percent after the insurer announced a full-year dividend of 1 riyal ($0.27) per share and proposed a capital increase to 528 million riyals from 440 million by way of a bonus shares issue.

United Electronics Co gained 4.6 percent after posting a rise in its first-quarter net profit and sales.

The Qatari index edged down 0.1 percent, led by a 2.8 percent fall in Mesaieed Petrochemical.

Qatar National Bank reported a first-quarter net profit of 3.56 billion riyals ($978 million), a 4 percent rise. At the time of the announcement the market was shut and the stock was flat.

The Egyptian index slipped 0.2 percent as most of its blue-chip stocks pressured the index.

Egypt Kuwait Holding was down 1.1 percent and Palm Hills Developments PHDC.CA closed 4.6 percent lower.

Kuwait's index dropped 1.6 percent to retreat from its highest level since 2016, as it was pulled down by bank shares. Kuwait Finance House fell 2.7 percent and Ahli United Bank  declined 2.8 percent.

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

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