World Markets

MIDEAST STOCKS-Abu Dhabi outperforms thanks to banks, other Gulf markets mixed


Stocks in the United Arab Emirates surged on Thursday, outperforming most major Gulf markets, boosted by strong earnings at top lenders.

By Ateeq Shariff

July 18 (Reuters) - Stocks in the United Arab Emirates surged on Thursday, outperforming most major Gulf markets, boosted by strong earnings at top lenders.

In Abu Dhabi, the index closed 2.7% higher, buoyed by First Abu Dhabi Bank (FAB) FAB.AD, which rose 4% to its highest level since May after posting a 5% rise in second-quarter net profit.

The bank recorded a net profit of 3.2 billion dirhams ($871 million) in the quarter ending June 30, versus 3.06 billion dirhams a year earlier.

Similarly, the Dubai index .DFMGI climbed 1.7%, driven by a 2.7% rise in Emirates NBD ENBD.DU after the bank announced an 80% jump in second-quarter earnings.

The bank made a net profit of 4.74 billion dirhams ($1.29 billion) in the three months to June 30, helped by an asset sale and foreign exchange gains. EFG Hermes had expected a net profit of 4.06 billion dirhams.

The results reinforced signs that top banks in the UAE are managing to withstand strains from a sluggish economy and a property downturn in Dubai.

Emirates NBD said on Wednesday it had received permission to open 20 more branches in Saudi Arabia.

Egypt's blue-chip index .EGX30 advanced 0.2%, with Cairo Investment and Real Estate Development CIRA.CA jumping 6.8%.

Saudi Arabia's main index .TASI fell 0.5%, ending eight straight days of gains triggered by EFG Hermes forecasting that profits for the kingdom's financial sector would grow 7.6% in the second quarter. Nine of 11 Saudi banks fell.

Al Rajhi Bank 1120.SE lost 0.7%, while National Commercial Bank 1180.SE was down 0.9%.

Qatar's index .QSI dropped over 1% with 17 of 20 stocks declining. Commercial Bank COMB.QA plunged 4.5% and Industries Qatar IQCD.QA lost 1.5%.


The index .TASI dropped 0.5% to 9,034 points


The index .ADI gained 2.7% to 5,218 points


The index .DFMGI added 1.7% to 2,763 points


The index .QSI lost 1% to 10,503 points


The index .EGX30 was up 0.2% at 13,670 points


The index .BAX slid 0.1% to 1,538 points


The index .MSI was flat at 3,748 points


The index .BKP declined 0.3% to 6,747 points

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Kevin Liffey)

((; +918067497129;))

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

Latest Markets Videos


    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at and via Reuters TV.

    Learn More