July 29, 2019 / 1:55 PM / 21 days ago

MIDEAST STOCKS-Saudis post worst day in a month, Dubai best in nearly a year

    * All Saudi banks drop
    * SABIC extends loss on lower second-quarter profit
    * Dallah Healthcare plunges on poor second-quarter results
    * Abu Dhabi's ADCB ends eight days of gains on falling
profits

    By Shakeel Ahmad and Maqsood alam
    July 29 (Reuters) - Saudi Arabia's stock index suffered it
biggest single-day loss in a month amid a  host of poor
earnings, while Emaar Properties pushed Dubai's market to nearly
a year-high.  
    Saudi's index fell 1.5% in its worst day since June
24, with all banking shares dropping and Al Rajhi Bank
plunging 3% in the biggest drag on the index.
    Saudi Basic Industries Co (SABIC), the world's
fourth-biggest petrochemicals firm, shed a further 1.6%,
extending losses from the last session after reporting its
lowest quarterly profit since late 2009.
    Dallah Healthcare slumped 6% after its
second-quarter profit fell, hurt by increased operating and
financing costs.
    Food producer Halwani Brothers, which swung to a
loss for the same period, also dropped 2.3%. The company 
attributed the loss to a higher cost of goods sold in Saudi
Arabia, and as sales and distribution expenses mounted in Egypt.
    Dubai's index rose 1.2% to 2,881 points, its
highest since August 12, 2018, buoyed by real estate shares
which all rose. 
    Developer Emaar Properties jumped 3.9% to a level
not seen since Aug. 7 last year. It has gained in five of past
six sessions after signing a memorandum of understanding
concerning an $11 billion project at Beijing's new mega airport.
 
    Dubai Financial Market surged 6.2% after higher
second-quarter profit triggered a six-day rally. 
    In Abu Dhabi, the index closed 0.3% higher,
recovering from losses in the last session when it snapped eight
days of winning streak.
    United Arab Emirates' biggest lender, First Abu Dhabi Bank
, was up 0.5%. Emirates Telecom Group, edged
up 0.3%.
    Abu Dhabi Commercial Bank, however, dropped 1%,
bringing an end to its eight days of straight gains. The
country's second-biggest bank reported an 11% drop in
second-quarter profit in its first combined pro forma financials
after it merged with Union National Bank and Al Hilal Bank
earlier this year.(nL8N24T0GL)
    In Qatar, the index recouped earlier losses to close
up 0.3%, with Qatar National Bank gaining 1% and
Commercial Bank rising 1.3%.
    Capping the gains was Qatar First Bank, which
dropped 3.3% as it continued to post first-half loss. 
    Egypt's blue-chip index was down 0.3% with private equity
firm Qalaa Holdings shedding 3.3%. 
    
    
 SAUDI ARABIA   The index         fell 1.5% to 8,729 points
 ABU DHBAI      The index        was up 0.3% to 5,363 points
 DUBAI          The index          rose 1.2% to 2,881 points
 QATAR          The index        was up 0.3% to 10,603 points
 EGYPT          The index          fell 0.3% to 13,422 points
 BAHRAIN        The index        was up 0.6% to 1,536 points
 OMAN           The index        edged up 0.1% to 3,751 points
 KUWAIT         The index        added 0.3% to 6,767 points
 


 (Reporting by Shakeel Ahmad and Maqsood Alam in Bengaluru)
  
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