July 22, 2019 / 1:36 PM / a year ago

MIDEAST STOCKS-Gulf tensions weigh on Saudi market, Abu Dhabi extends winning streak

    * Saudi market drops for a third day
    * Saudi Kayan Petrochemical falls on Q2 loss
    * Saudi Arabia Fertilizers slips on lower Q2 profit
    * Abu Dhabi rises for a fifth session
    * Dubai Emaar gains on China deal

    By Shakeel Ahmad and Maqsood alam
    July 22 (Reuters) - Saudi Arabia's stock market dropped on
Monday as banks and petrochemical shares weighed on the index
against a backdrop of political tensions in the region, while
Dubai and Abu Dhabi bourses rose sharply on gains in their
blue-chip stocks.
    Saudi's main index fell 0.6%. The kingdom's largest
petrochemical maker Saudi Basic Industries shed 1.8%
and its biggest lender National Commercial Bank was
down 0.7%.
    Weakness in worldwide demand for oil shifted sentiment in
the oil market in recent days, with hedge funds, producers and
traders all taking a more bearish tack.
    Saudi Kayan Petrochemical fell 1.4% after it swung
to a second-quarter loss, which it blamed on lower product
prices and higher financing costs, while Saudi Arabia
Fertilizers dropped 1.9% after its profit for the same
period was hurt by a production halt at one of its plants during
    Dubai's main index was up 1.3%. Blue-chip developer
Emaar Properties climbed 2.5% after it struck a deal
with Beijing Daxing International Airport for joint execution of
an $11 billion project, that includes residential and leisure
    Emaar units Emaar Development and Emaar Malls
 followed suit rising 2.8% and 2.6%, respectively. 
    Dubai Financial Market edged up 0.7% after its
second-quarter profit attributable to shareholders rose more
than 9%.
    The Abu Dhabi index gained 1.2%, rising for a fifth
day running, boosted by First Abu Dhabi Bank which
closed 1.5% higher after reporting a 5% rise in second-quarter
net profit.
    Aldar Properties rose 2.6%. After the market
closed, the firm provided a progress update on recently awarded
5 billion dirhams ($1.36 billion) worth of projects. It also
raised its annual profit guidance by 50% for the next three to
four years.
    Egypt's blue-chip index also closed 0.8% higher
with market heavyweight lender Commercial International Bank
 gaining 1.2%.  
    Qatar's index recouped earlier losses to end 0.4%
higher underpinned by its financial and industrial stocks. The
Gulf's largest lender Qatar National Bank closed 1.5%
up and Industries Qatar rose 1%.
($1 = 3.6728 UAE dirham)
 SAUDI ARABIA  The index         dropped 0.6% to 8,907 points
 ABU DHABI     The index        gained 1.2% to 5,299 points
 DUBAI         The index          was up 1.3% to 2,775 points
 QATAR         The index        was up 0.4% to 10,542 points
 EGYPT         The index          rose 0.8% to 13,685 points
 BAHRAIN       The index        slid 0.5% to 1,527 points
 OMAN          The index        was down 0.2% to 3,764 points
 KUWAIT        The index        was flat at 6,661 points

 (Reporting by Shakeel Ahmad and Maqsood Alam in Bengaluru;
editing by Emelia Sithole-Matarise)
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