World Markets

MIDEAST STOCKS-Banks, earnings drive Saudi up; other Gulf markets mixed

Credit: REUTERS/SATISH KUMAR

Major Gulf markets were mixed on Thursday in lacklustre trading, with banking shares and corporate earnings making the Saudi index the biggest gainer, while Egypt's bourse rebounded on gains in financial stocks.

By Ateeq Shariff

Nov 7 (Reuters) - Major Gulf markets were mixed on Thursday in lacklustre trading, with banking shares and corporate earnings making the Saudi index the biggest gainer, while Egypt's bourse rebounded on gains in financial stocks.

Saudi Arabia's benchmark index .TASI was up 0.6%, with Al Rajhi Bank 1120.SE gaining 1.2% and Samba Financial Group 1090.SE advancing 3.1%.

Saudi Basic Industries 2010.SE was up 1.1% despite HSBC slashing its target price to 78 riyals ($20.80) from 80 riyals.

Middle East Healthcare 4009.SE surged 6.1% after posting a sharp rise in third-quarter net profit. The hospitals operator attributed the surge to a decrease in general and administrative expenses.

National Medical Care 4005.SE added 2.2% as the firm posted a surge of more than 45% in third-quarter net profit.

The Egyptian blue-chip index .EGX30 rebounded 0.6%, a day after it took a breather to snap a nine-day winning streak.

Commercial International Bank COMI.CA increased 0.6%. The country's largest lender on Tuesday reported a 23% increase in third-quarter profit.

Non-Arab foreigners were net buyers of the stocks during the session, while Egyptians were net sellers, according to data on the exchange website.

Among other stocks, Credit Agricole Egypt CIEB.CA closed 1.3% higher after posting a nine-month net income of 1.87 billion Egyptian pounds ($116.22 million), compared to 1.68 billion year ago.

In Dubai the index .DFMGI reversed course to close up 0.4% with blue-chip developer Emaar Properties EMAR.DU and Emirates NBD ENBD.DU rising 1% and 0.4% respectively.

On Wednesday, Moody's said that the United Arab Emirates' banking outlook is stable on resilient credit profiles in subdued economy.

The Abu Dhabi index .ADI slipped 0.3% with the country's largest lender First Abu Dhabi Bank FAB.AD losing 0.4% and Emirates Telecommunications ETISALAT.AD down 0.5%.

Industries Qatar IQCD.QA was the main drag on the Qatari index .QSI, which edged down 0.1%, but gains in other blue-chips capped losses.

Masraf Al Rayan MARK.QA rose 1% the day after it issued $500 million sukuk, or Islamic bonds, with five-year term, part of a $2 billion sukuk programme.

SAUDI ARABIA

The index .TASI rose 0.6% to 7,798 points

ABU DHABI

The index .ADI lost 0.3% to 5,131 points

DUBAI

The index .DFMGI added 0.4% to 2,699 points

QATAR

The index .QSI slipped 0.1% to 10,275 points

EGYPT

The index .EGX30 fell 0.6% to 14,796 points

BAHRAIN

The index .BAX edged up 0.1% to 1,518 points

OMAN

The index .MSI gained 0.3% to 4,041 points

KUWAIT

The index .BKP was up 0.3% at 6,179 points

($1 = 3.7501 riyals)

($1 = 16.0900 Egyptian pounds)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten Donovan)

((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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