July 23, 2019 / 1:02 PM / a month ago

MIDEAST STOCKS-Emaar lifts Dubai to eight-month high; weak earnings hurt Saudi

    * Dubai reaches its highest in 8 months
    * Emaar continues to gain on China deal
    * Aldar surges after raising annual outlook
    * Ten of eleven Saudi banks decline
    * Ma'aden plunges on negative earnings

    By Ateeq Shariff and Maqsood alam
    July 23 (Reuters) - Stock markets in the United Arab
Emirates outperformed the region on Tuesday thanks to their
blue-chip developers, while disappointing corporate earnings and
falling oil prices dragged Saudi shares lower.
    Oil slipped to around $63 a barrel on Tuesday as concerns
faded for now that rising tensions in the Middle East would
escalate and hit oil supplies, compounding the impact of a
weaker demand outlook.
    The Dubai index closed up 2.1%, to reach its
highest since mid-November 2018, with real estate shares leading
the gains. 
    Dubai's largest listed developer Emaar Properties
jumped 4% and its unit Emaar Malls surged 4.6%. The
realtor had jumped 2.5% on Monday when it struck a deal with
Beijing Daxing International Airport over an $11 billion project
that includes residential and leisure facilities.
    "The UAE-China partnership seems to have fired up the real
estate stocks," said Vrajesh Bhandari, senior portfolio manager
at Al Mal Capital.
    Emirates NBD added 1.7%. Last week, the Emirate's
biggest lender reported an 80% rise in second-quarter net profit
boosted by the sale of a stake in Network International
and strong non-interest income on foreign exchange gains.
 
    In Abu Dhabi, the index was up 0.9%, continuing its
wining streak for a sixth day.
    Aldar properties leapt 6% to its highest since
January 2018, after the firm raised its annual profit guidance
by 50% for the next three to four years.
    Emirates Telecommunications Group climbed 1.6%
after reporting a slight rise in second-quarter profit, while
National Bank Of Ras Al Khaimah traded 4.4% higher
after the lender reported a 25.7% surge in profit for the same
period.
    In Saudi Arabia, the main index Tadawul fell 1.3%,
sliding for a fourth straight day, with the country's largest
lender National Commercial Bank shedding 1.8% and
heavyweight Saudi Basic Industries declining 1.5%.
    Saudi Arabian Mining Company (Ma'aden) plunged
4.6% after it swung to a second-quarter loss, which it blamed on
falling average realised prices of all products except gold.
    National Shipping Company of Saudi Arabia (Bahri)
dropped 4.8% after it reported a 75% fall in second-quarter
profit.
    In Qatar, the index lost 0.3%, weighed down by a 0.8%
fall in market heavyweight Industries Qatar and a 1.6%
drop in Qatar Gas Transport.
    
    Egypt and Oman were closed for a public holiday.
    
 SAUDI ARABIA  The index         dropped 1.3% to 8,796 points
 ABU DHABI     The index        gained 0.9% to 5,345 points
 DUBAI         The index          was up 2.1% to 2,833 points
 QATAR         The index        lost 0.3% to 10,511 points
 BAHRAIN       The index        slid 0.3% to 1,522 points
 KUWAIT        The index        declined 0.3% to 6,640 points
 
    

 (Reporting by Ateeq Shariff and Maqsood Alam in Bengaluru;
Editing by Susan Fenton)
  
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