February 10, 2020 / 1:26 PM / 2 months ago

MIDEAST STOCKS-Most major gulf markets gain; QNB drags Qatar lower

    * Air Arabia rises on positive earnings
    * Qatar National Bank trades ex-dividend
    * Eight of 11 Saudi Arabian banks rise
    * Juhayna Food slips as profit declines

    By Maqsood Alam
    Feb 10 (Reuters) - Most major Gulf stock markets gained on Monday, with
Dubai leading the gains on corporate earnings, while Qatar slipped as its top
lender traded ex-dividend.
    Dubai's main share index gained 0.5% as Dubai Islamic Bank, which
is due to report 2019 earnings on Wednesday, rose 1.1%. Emaar Properties
 was up 1.3%.
    Air Arabia closed up 4.7%, after rising as much as 8% during the
session. The  budget airliner swung to a profit in 2019 on lower fuel prices and
proposed a dividend of 9 fils per share. But Dubai Financial Market
 dropped 5.2% after it reported a lower profit for the year.
    Saudi Arabia's benchmark index was up 0.2%, supported by gains by
banking and petrochemical shares. Kingdom's largest bank, National Commercial
Bank, rose 1.2%. Banque Saudi Fransi rose 1.8%.
    State-owned Saudi Aramco was down 1.3% to 33.6 riyals ($8.96), a
day after it snapped a five sessions of losses. The stock closed up 2% in the
previous session after touching a low of 32.8 riyals, not far from its initial
public offering price of 32 riyals.
    The Abu Dhabi index edged up 0.1%, led by a 0.5% gain at First Abu
Dhabi Bank. Aldar Properties added 1.3%.
    In Qatar, the index fell 0.5% in its third straight day of declines.
The Gulf's largest bank, Qatar National Bank (QNB), lose 3.9% as its
shares traded ex-dividend. Qatar Gas Transport shed 3.7%.
    Outside the Gulf, Egypt's blue-chip index lost 0.9% after four days of
gains. Commercial International Bank Egypt fell 0.5% and the cigarette
maker Eastern Company dropped 2.3%.
    Juhayna Food Industries closed down 1.5% as its annual profit
declined 19% to 328.8 million pounds ($20.96 million).
    Egypt's annual urban consumer inflation in January rose to 7.2% from 7.1% in
December. The country is emerging from a three-year economic reform programme
backed by the International Monetary Fund that saw inflation soar as high as 33%
during 2017.
 SAUDI ARABIA          added 0.2 % to 7,972 points
 ABU DHABI            edged up 0.1% to 5,093 points
 DUBAI                  was up 0.5% to 2,765 points
 QATAR                eased 0.5% to 10,097 points
 EGYPT                  down 0.9% at 13,979 points
 BAHRAIN              edged up 0.1% to 1,660 points
 OMAN                 fell 0.4% to 4,112 points
 KUWAIT               was down 1% to 6,893 points

($1 = 3.7507 riyals)

($1 = 15.6850 Egyptian pounds)

 (Reporting by Maqsood Alam in Bengaluru, editing by Larry King)
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