August 7, 2019 / 1:26 PM / 3 months ago

MIDEAST STOCKS-Gulf markets bounce back as trade war simmers down

    * Saudi snaps five-day losing streak
    * United Cooperative Assurance leaps on strong Q2 results
    * Gulf General Insurance surges after swinging to Q2 profit
    * Qatar, Abu Dhabi end six days of losses

    By Shakeel Ahmad and Maqsood alam
    Aug 7 (Reuters) - Gulf stocks rebounded from their recent
losses on Tuesday as markets' renewed fears about an escalating
global trade war eased, with Beijing stepping in to stabilise
the yuan and Washington dismissing fears of a lengthy trade war
with China.
    The recovery was led by financial shares. Abu Dhabi and
Qatar's share indexes had suffered six days of straight losses
each, while Saudi Arabia and Dubai's bourses retreated in the
previous five and four consecutive sessions, respectively, on
fears over the trade dispute between the world's two biggest
economies.
    Saudi's index rose 1.1% with Riyad Bank
increasing 4.4% and Al Rajhi Bank gaining 1.1%.
    Some robust earnings from insurers added to the index gains.
United Cooperative Assurance jumped 6% after its
pre-zakat second-quarter profit more than doubled, while Gulf
General Insurance, which swung to profit for the same
period, surged 7.9%.
    Dubai's index was up 1.2% as Dubai Islamic Bank
 advanced 2% and Emirates NBD traded 1.8% up.
    Qatar’s index also rose 1.2%. Qatar Islamic Bank
 increased 1.7% while Qatar Gas Transport
closed 4.1% higher.
    In Abu Dhabi, the index gained 0.7% with First Abu
Dhabi Bank edging up 0.5% and Emirates
Telecommunications Group climbing 2%.
    Outside the Gulf, Egypt's blue-chip index moved
1.7% higher. Egypt Kuwait Holding leapt 6.9%. On
Tuesday, it obtained a regulatory nod for land allocations
concerning agricultural projects which would provide raw
materials to its planned compressed wood factory.
    
 SAUDI ARABIA  The index         rose 1.1% to 8,483 points
 ABU DHABI     The index        was up 0.7% at 5,119 points
 DUBAI         The index          was up 1.2% to 2,831 points
 QATAR         The index        rose 1.2% to 9,898 points
 EGYPT         The index          rose 1.7% to 13,881 points
 BAHRAIN       The index        was down 0.1% at 1,544 points
 OMAN          The index        gained 0.9% to 3,839 points
 KUWAIT        The index        was up 0.6% at 6,744 points
 
 (Reporting by Shakeel Ahmad and Maqsood Alam in Bengaluru;
Editing by Hugh Lawson)
  
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