July 9, 2020 / 1:17 PM / in a month

MIDEAST STOCKS-Financials buoy Qatar; blue-chip sell-off trips up Egypt

    * Qatar to raise Qatari staff proportion in state-affiliated
cos
    * 27 of 30 stocks decline in Egypt's blue-chip index

    By Ateeq Shariff
    July 9 (Reuters) - Broad-based gains pushed the Qatari
bourse higher on Thursday, with financial stocks leading the
pack, whereas a wide sell-off pulled down Egypt's blue-chip
share index.
    In Qatar, the benchmark share index advanced 1%, as
most of its constituents ended higher. Qatar National Bank
, the Gulf's biggest lender, gained 2.8%, while
petrochemical firm Industries Qatar added 1.9%.
    Elsewhere, Commercial Bank was up 1.5%.
    On Wednesday, the Qatari cabinet approved a draft resolution
that aims to raise the percentage of Qataris working at
state-owned companies or where the state is an investor to 60%,
state news agency QNA reported.
    Outside the Gulf, Egypt's blue-chip index slid
1.5%, with 27 of its 30 stocks declining. Commercial
International Bank fell 1.1% and Cleopatra Hospital
 tumbled 4.9%.
    The benchmark index in Saudi Arabia edged up 0.3%,
with Dr Sulaiman Al-Habib Medical Services rising 2%.
     Arqaam Capital said in a research note on Tuesday that the
health-care firm which went public in March, and now meets the
minimum three months of trading, will be included in FTSE
indexes in September with about $39 million of passive inflows.
    Dubai's main share index slipped 0.1%, hurt by a
2.5% fall in budget airliner Air Arabia and a 1.5%
drop in logistic firm Air Arabia.
    The coronavirus outbreak delivered a blow to Dubai, one of
the most visited cities globally, where tourism accounts for
more than 11% of GDP. Dozens of hotels closed while occupancy
rates fell to less than 10% in others.
    The Abu Dhabi index lost 0.4%, with First Abu Dhabi
Bank, the country's largest lender, falling 0.7%, while
aquaculture firm International Holding was down 1.5%.
    However, Abu Dhabi Islamic Bank added 0.6%.
    On Monday, the sharia-compliant lender said it had raised
its foreign ownership limit to 40% from 25%.
    
    
 SAUDI ARABIA          rose 0.3% to 7,417 points
 ABU DHABI            dropped 0.4% to 4,295 points
 DUBAI                  eased 0.1% to 2,082 points
 QATAR                gained 1% to 9,316 points
 EGYPT                  down 1.5% to 10,957 points
 BAHRAIN              added 0.2% to 1,286 points
 OMAN                 was flat at 3,494 points
 KUWAIT               lost 0.2% to 5,604 points
 
 (Reporting by Ateeq Shariff in Bengaluru; editing by Emelia
Sithole-Matarise)
  
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