Mideast Stocks: Financials lift UAE indexes, poor earnings weigh on Egypt

Emirates NBD lifts Dubai; Seven of 11 Saudi banks slip

  
An investor looks at stock information in front of an electronic display board at the Dubai International Financial Market March 21, 2010.

An investor looks at stock information in front of an electronic display board at the Dubai International Financial Market March 21, 2010.

REUTERS/Ahmed Jadallah

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)

© Reuters News 2019

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