July 30, 2019 / 1:38 PM / a month ago

MIDEAST STOCKS-Saudi edges up on strong earnings, Dubai extends gains

    * Saudi's Al Rajhi Bank gains on higher Q2 profit
    * Yamama Cement jumps after posting Q2 profit
    * PetroRabigh slumps on swinging to Q2 loss
    * Qatar First Bank trades at record low

    By Shakeel Ahmad and Maqsood alam
    July 30 (Reuters) - Saudi Arabian stocks edged up on
Tuesday, recovering from the previous session's biggest
single-day loss in a month, as strong earnings from two lenders
boosted most bank shares.
    Dubai's bourse consolidated gains after touching nearly a
year-high on Monday.
    The Saudi index was up 0.1%. Al Rajhi Bank
gained 1% after it posted a more than 4% rise in second-quarter
profit, as revenue from special commissions and investments
increased.
    Riyad Bank gained as much as 2.4% after its profit
surged over the same period on a 22.9% jump in operating income,
but traded unchanged at the close.
    Outside banks, Yamama Cement jumped 4.4% after
turning profitable in the second quarter on higher sales and
lower expenses, while Saudi Ground Services, which
posted a higher quarterly profit, rose 2.9%.
    By contrast PetroRabigh slumped 8.8% as it slipped
to a second-quarter loss from a profit a year earlier. 
    Dubai's index rose 1.1%, boosted by real estate and
financial stocks.
    Emaar Properties gained 1.5%. The blue-chip
developer has risen in recent sessions after signing a
memorandum of understanding concerning an $11 billion project at
Beijing's new airport. 
    Dubai Financial Market jumped 5.1% to its highest
level since Sept. 16 last year, after higher second-quarter
profit triggered a seven-day rally.
    In Abu Dhabi, the index closed 0.6%. Emirates Telecom
Group slipped 1.4% and the United Arab Emirates'
biggest lender, First Abu Dhabi Bank, edged down 0.5%.
    Qatar's index slipped 0.1%, primarily driven by a 2%
fall in Qatar Islamic Bank. Qatar First Bank
plunged 7% to another record low after the company drifted to a
first-half loss, having scored a profit in the first quarter. 
    The market received some support from telecommunications
firm Ooredoo, which traded 2% up after reporting a
higher second-quarter profit. 
    Egypt's blue-chip index was down 0.4%, with El
Sewedy Electric dropping 7.9%. 
        
 SAUDI ARABIA   The index         was up 0.1% to 8,741 points
 ABU DHBAI      The index        lost 0.6% to 5,331 points
 DUBAI          The index          rose 1.1% to 2,912 points
 QATAR          The index        was down 0.1% to 10,589 points
 EGYPT          The index          fell 0.4% to 13,365 points
 BAHRAIN        The index        was up 0.7% to 1,546 points
 OMAN           The index        was up 0.1% to 3,755 points
 KUWAIT         The index        fell 0.5% to 6,735 points
 

 (Reporting by Shakeel Ahmad and Maqsood Alam in Bengaluru
Editing by David Holmes)
  
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