World Markets

MIDEAST STOCKS-Dubai shares rise on Emirates NBD boost; other markets mixed

Credit: REUTERS/JUMANA EL HELOUEH

The Dubai stock market rose sharply on Tuesday, buoyed by gains in its top bank Emirates NBD's shares after receiving regulatory nod to increase foreign ownership limit.

July 21 (Reuters) - The Dubai stock market rose sharply on Tuesday, buoyed by gains in its top bank Emirates NBD's ENBD.DU shares after receiving regulatory nod to increase foreign ownership limit.

Dubai's main share index .DFMGI advanced 1.2%, with Emirates NBD Bank jumping 4.4%, a day after it received regulatory approvals to increase foreign ownership limit to 40% from 20%.

In the previous session, the lender retreated 1.9% following a 58% slide in second-quarter profit to 2 billion dirhams ($544.54 million), compared to 4.74 billion dirhams year ago.

Emirates NBD said its impairment allowances had increased to 4.2 billion dirhams by June-end from 2.6 billion in the first quarter, with an annualised net cost of risk of 172 basis points.

Saudi Arabia's benchmark index .TASI edged up 0.2%. Al Rajhi Bank 1120.SE gained 0.4%, while Etihad Etisalat 7020.SE advanced 3.5% after the telecoms firm reported an increase in second-quarter profit.

On Monday, the Saudi index retreated following the news King Salman bin Abdulaziz, who is suffering from inflammation of the gall bladder, had been admitted to hospital.

The Abu Dhabi the index .ADI dropped 0.4%, driven down by a 1.3% fall in Emirates Telecommunications Group ETISALAT.AD ahead of its board meeting to approve second-quarter earnings.

In Qatar, the index .QSI eased 0.3%, hurt by a 3.4% slide in Doha Bank DOBK.QA and a 0.6% decrease in Qatar National Bank QNBK.QA.

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Rashmi Aich)

((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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