World Markets

MIDEAST STOCKS-Abu Dhabi outperforms as major Gulf markets rise

Credit: REUTERS/FAISAL AL NASSER

Abu Dhabi stocks outperformed other Gulf markets on Tuesday, led by financial-services and telecoms shares, while Egypt was hit by sell-off among blue chips.

By Ateeq Shariff

Nov 19 (Reuters) - Abu Dhabi stocks outperformed other Gulf markets on Tuesday, led by financial-services and telecoms shares, while Egypt was hit by sell-off among blue chips.

The Abu Dhabi index .ADI advanced 0.8%, led by a 1.7% gain by Emirates Telecommunications ETISALAT.AD and a 0.7% rise in the United Arab Emirates' largest bank, First Abu Dhabi Bank FAB.AD.

International Holding IHC.AD jumped 4.8%. After the market closed, the aquaculture company said that it was calling off an acquisition of SHUAA Capital International.

Saudi Arabia's benchmark index .TASI extended gains for a third day, to end 0.6% higher.

The kingdom's largest petrochemical maker, Saudi Basic Industries 2010.SE, rose 2.4%. Savola Group 2050.SE was up 3.2%.

Among other stocks, Al Kathiri Holding 3008.SE soared 9.9%, to become the top gainer on the index. The shares were moved to the main market on Nov. 3, and since then have risen over 86%.

The Dubai index .DFMGI closed up 0.7%. Emaar Properties EMAR.DU gained 1.7%; Emirates NBD ENBD.DU was up 0.4%.

Air Arabia AIRA.DU added 1.5%, a day after the budget airliner announced an order for 120 Airbus A320neo-family jets in a deal worth about $14 billion.

The contractor Arabtec Holding ARTC.DU gained 3.5% after seeing its biggest fall in six months the day before on third-quarter losses.

On Tuesday, its unit Arabtec Construction won a 366 million-dirham ($99.65 million) construction contract in Egypt.

After trading hours, Dubai Islamic Bank DISB.DU called s board meeting on Nov. 25 to discuss acquisition of Noor Bank. The sharia-compliant lender was down 0.4%.

The Qatari index .QSI rose 0.4% with Qatar Islamic Bank QISB.QA and Masraf Al Rayan MARK.QA rising 1.3% and 0.8% respectively.

Outside the Gulf, Egypt's blue-chip index .EGX30 traded in the red for the second day. The index was down 0.5% with Commercial International bank COMI.CA losing 0.3% and El Sewedy Electric SWDY.CA dropping 1.8%.

Exchange data on Tuesday showed Egyptian and Arab investors were net sellers of Egyptian stocks.

SAUDI ARABIA

The index .TASI rose 0.6% to 8,045 points

ABU DHABI

The index .ADI was up 0.8% to 5,087 points

DUBAI

The index .DFMGI gained 0.7% to 2,701 points

QATAR

The index .QSI added 0.4% to 10,340 points

EGYPT

The index .EGX30 down 0.5% to 14,313 points

BAHRAIN

The index .BAX was up 0.3% at 1,507 points

OMAN

The index .MSI was flat at 4,087 points

KUWAIT

The index .BKP increased 0.5% to 6,309 points

($1 = 3.6727 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru)

((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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