World Markets

MIDEAST STOCKS-Aldar lifts Abu Dhabi, Egypt extends losses

Credit: REUTERS/FAISAL AL NASSER

Abu Dhabi's index closed higher on Monday boosted by gains in Aldar Properties following a government projects management deal, while Egypt's stock market extended losses as Commercial International Bank Egypt continues to drop following removal of its chairman by the central Bank.

By Maqsood Alam

Oct 26 (Reuters) - Abu Dhabi's index .ADI closed higher on Monday boosted by gains in Aldar Properties ALDAR.AD following a government projects management deal, while Egypt's stock market extended losses as Commercial International Bank Egypt COMI.CA continues to drop following removal of its chairman by the central Bank.

The Abu Dhabi index .ADI advanced 1.2% as Aldar Properties ALDAR.AD surged 14.9%, its biggest daily gain since December 18, 2014.

The real estate developer will take over the management and development of government capital projects worth 30 billion dirhams ($8.2 billion) under an agreement with state-backed ADQ.

The Egyptian blue-chip index .EGX30 fell 0.9% to extend the losses for an eighth straight day.

Commercial International Bank Egypt COMI.CA declined 1.8% in its third consecutive day of fall.

On Friday, the chairman of the country's largest lender Hisham Ezz al-Arab stepped down with immediate effect under orders from the central bank, which cited compliance concerns at the Egyptian lender.

Saudi Arabia's index .TASI rose as much as 1.4% in opening trade a day after it plunged 4.1%, but closed flat after volatile trading during the day.

Saudi Aramco 2222.SE fell 1.2% extending losses from the previous session.

Among the gainers, Dr. Sulaiman Al-Habib Medical Services Group 4013.SE, which reported a 50.9% rise in quarterly profit on Sunday, increased 2.5%.

The Qatari index .QSI closed flat as Commercial Bank COMB.QA lost 2.7% following a 22% drop in nine-month net profit to 1.15 billion ($315.93 million) riyals.

Among the gainers, Qatar National Bank QNBK.QA was up 0.7% and Qatar Gas Transport QGTS.QA rose 2.6%.

Kuwait's index .BKP dropped 2%, with all the trading stocks closing in the red. National Bank of Kuwait (NBK) NBKK.KW led the losers, declining 2.4%.

The bank reported a 38% drop in third-quarter net profit, hit by higher provisioning for bad debt and the slowdown caused by the COVID-19 pandemic.

Dubai's index .DFMGI closed down 0.5% with Emirates NBD Bank ENBD.DU shedding 1.7% and Damac Properties DAMAC.DU retreating 4.6%.

SAUDI ARABIA

.TASI closed flat at 8,155 points

ABU DHABI

.ADI rose 1.2% to 4,625 points

DUBAI

.DFMGI fell 0.5% to 2,167 points

QATAR

.QSI was flat at 9,808 points

EGYPT

.EGX30 was down 0.9&% to 10,512 points

BAHRAIN

.BAX was flat at 1,435 points

OMAN

.MSI flat at 3,564 points

KUWAIT

.BKP was down 2% to 6,037 points

($1 = 3.6400 Qatar riyals)

(Reporting by Maqsood Alam in Bengaluru; Editing by Shailesh Kuber)

((Maqsood.Alam@thomsonreuters.com;))

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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