Mideast Stocks: Emirates NBD buoys Dubai, other major Gulf markets also up

Dubai's main share index advanced 1.2%


Major stock markets in the Gulf rose in early trade on Thursday, with the Dubai's index boosted by a leap in top lender Emirates NBD.

Dubai's main share index advanced 1.2%, led by a 2.5% rise in its largest lender Emirates NBD.

The bank is in preliminary discussions with Lebanon's Blom Bank regarding the possibility of a potential acquisition of its existing shareholding in Blom Bank Egypt.

DAMAC Properties, however, retreated 1.2%, after it posted a second-quarter loss of 280 million dirhams. It was the company's third consecutive quarterly loss, according to Refinitiv data.

Saudi Arabia's benchmark index rose 0.4% with Al Rajhi Bank adding 1% and oil giant Saudi Aramco up 0.6%.

In Abu Dhabi, the index added 0.4%, with aquaculture firm International Holding jumping 4.7%, on course to extend gains for a fourth straight session.

On Monday, the firm recorded a net profit of 670.3 million dirhams ($182.50 million) for the second quarter, up from 683,000 dirhams a year earlier. 

Elsewhere, Aldar Properties gained 2.3%. The state-linked builder of Abu Dhabi's Formula One circuit made 484 million dirhams in the three months to June 30, compared with 476 million dirhams a year earlier.

The Qatari index edged up 0.1%, helped by a 1.7% increase in utility firm Qatar Electricity and Water.

($1 = 3.6728 UAE dirham)

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

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