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MIDEAST STOCKS-Most major Gulf stocks rise in early trade; Qatar slips

Credit: REUTERS/JUMANA EL HELOUEH

Most major stocks markets in the Gulf rose in early trade on Monday, largely on the back of their financials, while Qatar's index was hurt by first-half losses posted by Qatar Insurance Company.

July 27 (Reuters) - Most major stocks markets in the Gulf rose in early trade on Monday, largely on the back of their financials, while Qatar's index was hurt by first-half losses posted by Qatar Insurance Company.

Saudi Arabia's benchmark index .TASI edged up 0.1%, helped by a 0.7% rise in Dr Sulaiman Al-Habib Medical Services 4013.SE, while National Commercial Bank 1180.SE was up 0.4%, despite recording a lower second-quarter profit.

But Banque Saudi Fransi 1050.SE declined 1% as the lender reported a fall in second-quarter net-profit.

The Qatari index .QSI lost 0.2%, driven down by a 4.3% slide in Qatar Insurance QINS.QA.

The insurer posted a net loss of 207.8 million riyals ($57.08 million) in the first-half, compared to a profit of 409.9 million riyals year ago.

Dubai's main share index .DFMGI rose 0.4%, with the country's largest sharia-compliant lender Dubai Islamic Bank DISB.DU gaining 1.1% and Emirates NBD Bank ENBD.DU was up 0.8%.

In Abu Dhabi, the index .ADI added 0.2%, helped by a 0.7% gain in the United Arab Emirates' largest lender First Abu Dhabi Bank FAB.AD.

Dana Gas DANA.AD, however, retreated 1.4%. On Sunday, the energy firm said it had appointed a financial adviser in relation to its dollar-denominated Islamic bonds, which the company has already restructured twice.

($1 = 3.6405 Qatar riyals)

(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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