August 19, 2019 / 1:36 PM / a month ago

MIDEAST STOCKS-Gulf markets mixed but Saudi outperforms on banks

    * Nine of eleven Saudi banks rise
    * Saudi Telecom gains on contract termination
    * Al Yamamah Steel drops after reporting Q3 losses
    * All but one real estate shares fall in Dubai

    By Maqsood Alam 
    Aug 19 (Reuters) - Saudi Arabian stocks were lifted on
Monday as most of its banking shares rose amid rising oil
prices, while other Middle Eastern bourses in the region were
lacklustre.
    Crude oil prices rose following a weekend attack on a Saudi
oil facility by Yemeni Houthi forces and as traders looked for
signs of progress in U.S.-China trade negotiations.
    Saudi Arabia's index rose 0.5% with Al Rajhi Bank
, adding 0.8% and  Saudi Telecom increasing
2.4%.
    The telecommunication firm said it was working to terminate
a TV broadcasting agreement with General Sport Authority and the
Saudi Arabian Football Federation, citing a lack of commercial
feasibility for the agreement.
    Capping the gains was Al Yamamah Steel Industries
which lost 3.4% though it reported narrower loss for the third
quarter.
    Qatar's index closed 0.2% up extending gains in the
previous session when it ended a three-day losing streak. The
index has steadied after the central bank on Thursday said
Qatar's economic growth would accelerate over the next two years
amid expectations of stable oil prices and continued strong
exports..
    Among the boosts to the index were Barwa Real Estate
 gaining 2.7% and Qatar Navigation rising
2.3%.
    In Abu Dhabi, the index fell for the second
consecutive day to close 0.2% down as First Abu Dhabi Bank
 declined 0.4% and Emirates Telecommunications Group
 lost 0.5%
    Dubai's index reversed course to close 0.2% down as
Emaar Properties < EMAR.DU> and its unit Emaar Malls
dropped 0.8% and 2.1% respectively.
    In Egypt, the blue-chip index fell 0.7% with
Commercial International Bank losing 0.5%.
    
 SAUDI ARABIA  The index         rose 0.5% to 8,566 points
 ABU DHABI     The index        lost 0.2% to 5,028 points
 DUBAI         The index          was down 0.2% at 2,791 points
 QATAR         The index        was up 0.2% at 9,806 points
 EGYPT         The index          fell 0.7% to 14,304 points
 BAHRAIN       The index        was down 0.1% at 1,529 points
 OMAN          The index        gained 0.2% to 3,868 points
 KUWAIT        The index        was up 0.5% at 6,606 points
 
 (Reporting by Maqsood Alam in Bengaluru; Editing by Angus
MacSwan)
  
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