February 6, 2020 / 1:50 PM / 16 days ago

MIDEAST STOCKS-Most major Gulf stocks in red; Egypt extends gains

    * Banque Saudi Fransi dives on missing estimates
    * Aramco closes down at 33.4 riyals
    * UDC saw its biggest fall in 4 years

    By Ateeq Shariff
    Feb 6 (Reuters) - Most major Gulf markets were subdued on
Thursday as disappointing results weighed on their banking
shares, while Egypt's blue-chip index extended gains for a third
straight session.
    Saudi Arabia's benchmark index lost 0.5% with Banque
Saudi Fransi the biggest drag. The lender plunged 5.3%
after it missed full-year profit estimates.
    The bank recorded annual profit of 3.12 billion riyals
($831.69 million), up from 1.4 billion riyals a year ago. But,
the figure was lower than an average analyst estimate of 3.35
billion riyals, according to Refinitiv IBES data.
    State-owned Saudi Aramco traded 0.7% lower at 33.4
riyals ($8.90), reaching its lowest since it started trading on
Dec. 11.
    Egypt's blue-chip index gained 0.9% as most of its
stocks rose. Tobacco monopoly Eastern Company advanced
3.5% and EFG Hermes was up 2.6%.
    Stock exchange data showed that foreign investors were
net-buyers of Egyptian stocks.
    In Qatar, the index retreated 0.9%, hitting its
lowest since December. Qatar National Bank, the Gulf's
largest lender, decreased 1.4% and United Development Company
(UDC) slumped 10%.
    The latter saw its biggest intraday fall since January 2016,
after reporting a sharp fall in its annual profit and slashing
its 2019 dividend to 5 dirhams from one riyal per share a year
    Dubai's main share index slipped 0.1% with its
largest lender Emirates NBD dropping 1.1% and Dubai
Islamic Bank was down 0.2%.
    National Central Cooling Company (Tabreed) was
down 0.5%. The cooling solutions provider, commenting on
potential acquisition of assets from Emaar Properties,
said it was exploring acquisition opportunities in the region.
 Emaar Properties closed up 0.8%.
    The Abu Dhabi index edged up 0.1% as telecoms firm
Etisalat added 0.6% and Abu Dhabi Islamic Bank
 was up 1.1%.

 SAUDI ARABIA          fell 0.5% to 8,053 points
 ABU DHABI            added 0.1% to 5,087 points
 DUBAI                  eased 0.1% to 2,770 points
 QATAR                fell 0.9% to 10,205 points
 EGYPT                  up 0.9% to 14,106 points
 BAHRAIN              edged up 0.1% to 1,656 points
 OMAN                 was up 0.1% to 4,129 points
 KUWAIT               gained 0.3% t0 6,984 points

($1 = 3.7514 riyals)

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Andrew
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