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MIDEAST STOCKS-Dubai outperforms as major Gulf markets rise

Credit: REUTERS/STRINGER

Most Middle Eastern stock markets ended higher on Monday, with the Dubai index outperforming the region boosted by a leap in its top lender Emirates NBD.

By Ateeq Shariff

Aug 24 (Reuters) - Most Middle Eastern stock markets ended higher on Monday, with the Dubai index outperforming the region boosted by a leap in its top lender Emirates NBD.

Dubai's main share index .DFMGI advanced 2%, boosted by a 6.1% jump in Emirates NBD Bank ENBD.DU and a 1.5% increase in sharia-compliant lender Dubai Islamic Bank DISB.DU.

Investors are betting on growth for Emirates NBD after it emerged as a potential bidder for Egyptian assets of Lebanon's Blom Bank BLOM.BY.

In Abu Dhabi, the index .ADI added 0.6%, helped by a 0.9% rise in the country's largest lender First Abu Dhabi Bank FAB.AD and a 2.1% gain in Abu Dhabi Commercial Bank ADCB.AD.

Saudi Arabia's benchmark index .TASI was up 0.7%, with oil giant Saudi Aramco 2222.SE rising 2.4%, while Al Rajhi Bank 1120.SE was up 1.1%.

Aramco said on Sunday it was setting up a new corporate development organisation to oversee the company's assets and secure greater access to growth markets and technologies.

The Qatari index .QSI closed up 0.8%, as Industries Qatar IQCD.QA surged 7.4%, reaching its highest level since January 29, after the petrochemical maker bought Qatar Petroleum's 25% stake in QAFCO for $1 billion.

Outside the Gulf, Egypt's blue-chip index .EGX30 ended up 0.4%, led by a 3.2% gain in tobacco monopoly Eastern Company EAST.CA.

Amongst others, El Sewedy Electric SWDY.CA climbed 3.1%. On Sunday, the company reported a profit of 514.2 million Egyptian pounds ($32.44 million) in the second quarter, down from 930.9 million a year earlier. However, the second quarter profit was higher than the previous quarter.

SAUDI ARABIA

.TASI rose 0.7% to 7,957 points

ABU DHABI

.ADI added 0.6% to 4,570 points

DUBAI

.DFMGI rose 2% to 2,281 points

QATAR

.QSI up 0.8% to 9,890 points

EGYPT

.EGX30 up 0.4% to 11,434 points

BAHRAIN

.BAX gained 0.8% to 1,366 points

OMAN

.MSI added 1.7% to 3,690 points

KUWAIT

.BKP was up 1.7% at 5,742 points

($1 = 15.8500 Egyptian pounds)

(Reporting by Ateeq Shariff in Bengaluru, Editing by William Maclean)

((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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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