Mideast Stocks: Financials lift Dubai, most Gulf markets rise

The Dubai index was up 0.2%, with Dubai Islamic Bank adding 0.4% and its largest lender Emirates NBD rising 0.4%

  

Dubai's stock market rose for a ninth straight session on Tuesday as most of its financial shares rose, while other major Gulf markets inched up.

The Dubai index was up 0.2 percent, with Dubai Islamic Bank adding 0.4 percent and its largest lender Emirates NBD rising 0.4 percent.

Dubai Islamic Bank, the United Arab Emirates' largest sharia-compliant bank, is in talks with Dubai-based Noor Bank over a possible acquisition of the lender, three sources told Reuters on Monday.

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 edged up 0.2 percent, with Abu Dhabi Islamic Bank climbing 1 percent and National Bank Of Fujairah jumping 11.9 percent.

On Sunday, National Bank of Fujairah said it launched a representative office in Antwerp.

First Abu Dhabi Bank slipped 0.4 percent. Qatar filed lawsuits against the lender and two other banks, accusing them of causing billions of dollars of damage to its economy by what it called overseas currency manipulation in the wake of an Arab boycott in 2017.

Saudi Arabia's index inched up 0.1 percent, with National Commercial Bank  adding 1.2 percent.

Walaa Cooperative Insurance surged 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.

The Qatari index slipped 0.4 percent, weighed down by Commercial Bank, which was down 1.7 percent.

Qatar National Bank, the largest bank by assets in the Middle East and Africa, fell 0.6 percent ahead of its first-quarter results. ($1 = 3.7504 riyals)

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


More From Equities