July 25, 2019 / 1:20 PM / 24 days ago

MIDEAST STOCKS-Positive earnings end Saudi losing streak, COMI weighs on Egypt

    * Saudi snaps five-day losing streak
    * SIPCHEM surges on Q2 forecast beat
    * Jabal Omar gains after posting Q2 profit
    * Al Rajhi Bank declines as trades ex-dividend
    * Emaar Properties continues to gain 

    By Ateeq Shariff and Maqsood alam
    July 25 (Reuters) - Strong corporate earnings helped Saudi
Arabia's stock market snap five days of losses, while top lender
Commercial International Bank weighed on the Egyptian bourse.
    In Saudi Arabia, the index bounced back 0.4%, with
Saudi Arabian Mining Company jumping 6.5%, and Sahara
International Petrochemical (SIPCHEM) climbing 5.2%
after it reported flat quarterly profit of 210.9 million riyals
($56.2 million) beating EFG Hermes' forecast of 188 million.
    Jabal Omar Development was up 2.7% after it swung
to second quarter profit, which it credited to higher revenue. 
    However, Al Rajhi Bank declined 2.4% as the stock
traded ex-dividend.
    In Egypt, the index dipped 0.8%, with Commercial
International Bank (COMI) declining 1.1%.
    Exchange data on Thursday showed non-Arab foreigners were
net sellers of Egyptian stocks.
    The market has been on the back foot in the last two
sessions after a Reuters poll showed that Egypt's economic
growth was expected to slow to 5.5% in the fiscal year that
began this month, below the government's target.
    The Qatar index advanced 0.8%, driven by conglomerate
Industries Qatar, which rose 2.5%, while Qatar
National Bank, the Gulf's largest lender, was up 0.8%.
    Abu Dhabi's index added 0.6%, an eighth-day of gains
on the back of its banking and telecom shares.
    First Abu Dhabi Bank rose 0.5%. The largest lender
in the UAE has mostly traded higher after reporting last week a
rise in second-quarter profit and proposing to remove a limit on
foreign ownership of its shares.
    Emirates Telecommunications Group rose 0.6%. The
telecoms operator on Tuesday posted a slightly higher second
quarter profit.
    Dana Gas added a further 3.8% and Eshraq
Investments, which is also considering doing away
with a foreign ownership limit on its shares, climbed 3.3%, its
third consecutive gain.
    In Dubai, the index snapped a three-days winning
streak and closed down 0.2%, as financial and telecom sectors
slipped. 
    Emirates NBD shed 0.9%, while Emirates Integrated
Telecommunications, where an 8.9% year-on-year decline
in mobile subscribers for the second-quarter led to a drop in
revenue, fell 1.8%.
    Dubai Islamic Bank shed 0.2%. On Wednesday,
research firm Fitch said UAE Islamic banks' asset-quality
metrics would remain under pressure, particularly for those with
weaker, younger franchises, in 2019.
    But real estate stocks were up, with Emaar Properties
 continuing to benefit from signing a project agreement
in China. The developer traded 0.4% higher in its fourth
straight session of gains.  
    
 SAUDI ARABIA  The index         rose 0.4% to 8,819 points
 ABU DHABI     The index        gained 0.6% to 5,388 points
 DUBAI         The index          slid 0.2% to 2,851 points
 QATAR         The index        added 0.8% to 10,631 points
 EGYPT         The index          fell 0.8% to 13,510 points
 BAHRAIN       The index        was up 0.5% to 1,523 points
 OMAN          The index        lost 0.3% to 3,755 points
 KUWAIT        The index        added 0.7% to 6,707 points
 

($1 = 3.7503 riyals)

 (Reporting by Ateeq Shariff and Maqsood Alam in Bengaluru;
Editing by Mark Potter)
  
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