World Markets

MIDEAST STOCKS-Gulf markets edge up while Egypt extends losses

Credit: REUTERS/FAISAL AL NASSER

Bank stocks helped support markets in the United Arab Emirates on Wednesday, while Egypt's blue-chip index extended losses for a third straight session.

By Ateeq Shariff

Nov 20 (Reuters) - Bank stocks helped support markets in the United Arab Emirates on Wednesday, while Egypt's blue-chip index extended losses for a third straight session.

Dubai's index .DFMGI edged up 0.1% supported by Emirates NBD ENBD.DU and Emaar Malls EMAA.DU, which were up 0.4% and 1.6% respectively.

Air Arabia AIRA.DU closed up 1.4%, stretching its winning streak to a third day. On Monday, the budget airline announced an order for 120 Airbus A320neo-family jets in a deal worth about $14 billion.

However, the market's gains were capped by losses at real estate sector with Arabtec Holding ARTC.DU falling 4.7%, the biggest loser on the index. On Friday, the contractor swung to a third-quarter loss, compared with a profit a year earlier.

In Abu Dhabi, the index .ADI was also up 0.1% with First Abu Dhabi Bank FAB.AD adding 0.3% and International Holding Company(IHC) IHC.AD soaring 8.9%, its biggest intraday gain since mid-October.

On Tuesday, IHC called off an acquisition of SHUAA Capital International.

Outside the Gulf, Egypt's blue-chip index .EGX30 lost 0.6%.

The country's largest lender, Commercial International Bank, COMI.CA dropped 1.6% and Madinet Nasr MNHD.CA was down 2.2%.

However, the index received some support from Eastern Company EAST.CA which rose 0.9%.

Saudi's benchmark index .TASI rose marginally to close up 0.1% as Saudi Basic Industries 2010.SE gained 0.7% and Savola Group 2050.SE climbed 3%.

Arabian Centres 4321.SE advanced 2%. The Saudi mall operator obtained $1.4 billion in sharia-compliant financing facilities with a syndicate of banks.

The Qatari index .QSI traded flat with financial shares and petrochemical stocks moving sideways.

Qatar International Islamic Bank QIIB.QA slid 3.2%, while Mesaieed Petrochemical MPHC.QA gained 1.2%.

SAUDI ARABIA

The index .TASI inched up 0.1% to 8,054 points

ABU DHABI

The index .ADI added 0.1% to 5,093 points

DUBAI

The index .DFMGI edged up 0.1% to 2,704 points

QATAR

The index .QSI was flat at 10,337 points

EGYPT

The index .EGX30 down 0.6% to 14,224 points

BAHRAIN

The index .BAX increased 0.2% to 1,509 points

OMAN

The index .MSI traded flat at 4,086 points

KUWAIT

The index .BKP was up 0.2% at 6,546 points

(Reporting by Ateeq Shariff in Bengaluru; Editing by Pravin Char)

((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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