Stock markets in the United Arab Emirates rose on Thursday, lifted by banking shares, while a host of disappointing corporate earnings weighed on Egypt's bourse.
Egypt's blue-chip index was down 0.4% with foreigners net sellers, according to Egyptian stock exchange data.
Telecom Egypt fell 1.4% as a drop in third-quarter profit weighed on the stock.
Alexandria Mineral Oils fell 4.9%, down for a fourth consecutive session. On Wednesday, the oil company reported an 87% plunge in first-quarter profit Sidi Kerir Petrochemicals Company and Madinet Nasr For Housing And Development lost 4.5% and 2.2% respectively after reporting lower nine-month profit earlier this week.
Dubai’s index closed 1.9% higher with its largest lender Emirates NBD surging 5.9% after it sold shares in Network International Holdings for 160 million pounds ($204.74 million).
Dubai Islamic Bank added 1.5%.
The Abu Dhabi index advanced 1.3% with First Abu Dhabi Bank rising 2.9% and telecoms operator Etisalat gaining 0.4%.
Qatar's index was up 0.8% with the Gulf's largest lender Qatar National Bank and Qatar Fuel both increasing 1.9%.
Saudi Arabia's index edged down 0.1% with seven of its 11 banks falling.
Banque Saudi Fransi lost 2.7%, while Saudi British Bank dropped 2.1%.
Taiba Investments slipped 1.9% as it traded ex-dividend.
SAUDI ARABIA The index edged down 0.1% to 7,924 points
ABU DHABI The index rose 1.3% to 5,138 points
DUBAI The index rose 1.9% to 2,701 points
QATAR The index was up 0.8% to 10,363 points
EGYPT The index fell 0.4% to 14,546 points
BAHRAIN The index was down 0.4 to 1,505 points
OMAN The index was up 0.4% to 4,084 points
KUWAIT The index edged down 0.2 to 6,254 points
(Reporting by Maqsood Alam in Bengaluru; Editing by Kirsten Donovan)
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