March 26, 2019 / 2:04 PM / 3 months ago

MIDEAST STOCKS-Uber-Careem deal boosts Saudi, real estate hurts Dubai

    * Al Tayyar hits 11-month high after Careem deal
    * Oman's index has worst one-day fall since 2016
    * Dubai's real estate stocks all slide
    * Tihama Advertising adds after capital increase proposal

    By Ateeq Shariff
    March 26 (Reuters) - Saudi shares rose on Tuesday boosted by
a 10 percent surge in travel operator Al Tayyar Group, a
shareholder in ride hailing app Careem which Uber           has
agreed to buy.
    Tayyar said it was expecting to make a gross profit of 1.78
billion riyals ($474.64 million) from the transaction,
supporting a 0.1 percent gain in the Saudi index.
    Dubai's index fell 0.7 percent, weighed down by
declines across its real estate stocks. Dubai's largest
listed-developer Emaar Properties lost 2.1 percent and
its unit Emaar Malls dropped 1.7 percent.
    Union Properties slid 0.8 percent after surging to
its biggest intraday gain in nearly two years on Monday. Dubai
Financial Market said that a direct deal worth 60
million dirhams ($16.34 million) was implemented on 155.5
million shares of Union Properties. DFM edged up 0.1 percent.
    In Saudi Arabia, Tihama Advertising gained 0.4
percent after proposing a capital increase to raise 100 million
riyals through a rights issue.
    The Egyptian blue-chip index dipped 0.2 percent,
pulled down by financial and consumer stocks.
    Egypt's largest lender Commercial International Bank
 slipped 0.8 percent and Qalaa Holdings was
down 2.2 percent.
    Qatar's index slipped 0.1 percent, led by a 1.6
percent decline in Qatar National Bank, the largest
bank by assets in the Middle East and Africa, and a 0.9 percent
drop in Qatar Islamic Bank. The latter completed an
international bond issuance of $750 million sukuk last week. 
    Lender Masraf Al Rayan was down 0.6 percent. It
has hired banks before a potential sale of U.S.
dollar-denominated sukuk, or Islamic bonds, Reuters reported.

    The Abu Dhabi index added 0.2 percent with Abu Dhabi
Commercial Bank and Union National Bank both
gaining 1.3 percent.
    Al Hilal Bank has slashed about 160 jobs ahead of a
three-way merger with Abu Dhabi Commercial Bank and Union
National Bank, Reuters had reported, citing sources. 
    Oman's index fell 1.9 percent to its worst day in a
little over three years, weighed down by its biggest stocks.
National Bank of Oman plunged 9.3 percent and Bank
Muscat declined 9.1 percent. 
    
 SAUDI ARABIA  The index         edged up 0.1 pct to 8,679
               points
 ABU DHABI     The index        rose 0.2 pct to 5,127 points
 DUBAI         The index          fell 0.7 pct to 2,615 points
 QATAR         The index        edged down 0.1 pct to 9,935
               points
 EGYPT         The index          was down 0.2 pct at 14,637
               points
 KUWAIT        The index        lost 0.7 pct to 5,900 points
 OMAN          The index        dropped 1.9 pct to 4,049 points
 BAHRAIN       The index        slid 0.6 pct to 1,408 points
 
($1 = 3.6728 UAE dirham)

($1 = 3.7502 riyals)

 (Reporting by Ateeq Shariff in Bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below