Mideast Stocks: UAE bourses tread water ahead of eid holidays; Egypt gains

Stocks in the United Arab Emirates were little changed on Sunday ahead of eid holidays

  
Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

REUTERS/Ahmed Jadallah

Stocks in the United Arab Emirates were little changed on Sunday ahead of eid holidays, while Egypt was buoyed by gains in blue-chip shares.

Trading in the Gulf is usually muted ahead of holidays as some traders cash in shares and are generally cautious of any developments in global markets during the closure of their bourses.

Dubai's main share index traded flat as gains in industrial stocks were offset by declines in financial shares.

However, sharia-compliant lender Dubai Islamic Bank added 0.9% after it affirmed its commitment to support the restructuring of troubled healthcare NMC.

NMC, the largest private healthcare provider in the United Arab Emirates, ran into trouble last year after the disclosure of more than $4 billion debt.

In Abu Dhabi, the index eased 0.1%, hit by a 0.8% decline in telecoms firm Etisalat.

Abu Dhabi Commercial Bank, UAE's third-biggest lender, finished flat despite reporting a jump in second-quarter net profit on Sunday.

The bank said it was optimistic about the turnaround of troubled hospital operator NMC, to which it was heavily exposed.

Outside the Gulf, Egypt's blue-chip index gained 0.8%, as most of the stocks on the index were in positive territory including top lender Commercial International Bank, which advanced 1.7%.

Most other Gulf markets were closed for Eid-Al-Adha

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


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