World Markets

MIDEAST STOCKS-Financial stocks elevate Egypt, most of Gulf quiet

Credit: REUTERS/SATISH KUMAR

The Egyptian stock market rebounded on Thursday, getting a boost from financials, while most major Gulf markets were little changed.

By Ateeq Shariff

Oct 24 (Reuters) - The Egyptian stock market rebounded on Thursday, getting a boost from financials, while most major Gulf markets were little changed.

The Egyptian blue-chip index .EGX30 rose 0.6%, with 23 of its 30 stocks in the black. Non-Arab foreigners were the net buyers of the stocks during the session, while Egyptians were the net sellers, according to data on the exchange website.

Tobacco products maker Eastern Company EAST.CA climbed 2.8%, while EFG Hermes HRHO.CA leapt 3.1%.

Among other stocks, Egypt's Citadel Capital CCAP.CA climbed 3.8%. Earlier this week, the company's chairman told Reuters that Citadel will raise its refinery production capacity to 5.5 million tonnes of oil products per year in 2021 from 4.2 million now.

In Saudi Arabia, the benchmark index .TASI was up 0.3%, with Saudi British Bank 1060.SE advancing 2% and Bank Al Jazira 1020.SE ending 0.9% higher.

On Wednesday, the latter reported a near 4% rise in third-quarter net profit, underpinned by a jump in operating income.

Shares of National Commercial Bank 1180.SE, the kingdom's largest lender, were little changed even as it posted a quarterly net profit of 2.55 billion riyals, up 20% compared with the same period last year.

Zahrat Al Waha For Trading 3007.SE firmed 4.1%, its biggest percentage jump since July, after it reported a rise in third-quarter net profit.

In Abu Dhabi, the benchmark index .ADI added 0.2%, extending gains to a fourth straight session, with First Abu Dhabi Bank (FAB) FAB.AD strengthening 0.8%.

Post trading hours, United Arab Emirates' largest lender reported a 3% rise in third-quarter profit, broadly in line with analysts' estimates.

The Qatari index .QSI reversed course to close 0.2% higher, snapping a four-day losing streak, supported by gains in blue-chip stocks.

Gulf's largest lender Qatar National Bank QNBK.QA was up 0.6%, while Qatar Fuel QFLS.QA rose 1.2%.

Dubai's benchmark index .DFMGI edged up 0.1%, with blue-chip developer Emaar Properties EMAR.DU and its unit Emaar Malls EMAA.DU gaining 1.1% and 1%, respectively.

SAUDI ARABIA

The index .TASI rose 0.3% to 7,913 points

ABU DHABI

The index .ADI added 0.2% to 5,163 points

DUBAI

The index .DFMGI edged up 0.1% to 2,784 points

QATAR

The index .QSI gained 0.2% to 10,378 points

EGYPT

The index .EGX30 up 0.6% to 14,207 points

BAHRAIN

The index .BAX was up 0.1% at 1,526 points

OMAN

The index .MSI slipped 0.2% to 3,990 points

KUWAIT

The index .BKP was flat at 6,285 points

($1 = 3.7504 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Aditya Soni)

((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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