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MIDEAST STOCKS-Saudi snaps losing streak, other Gulf markets mixed

Credit: REUTERS/FAISAL AL NASSER

The Saudi market rose moderately on Monday, recovering some losses from previous sessions with most of its stocks gaining. Other indexes in the Gulf were mixed with Abu Dhabi and Qatar extending losses following last week’s oil tanker attacks.

By Ateeq Shariff

June 17 (Reuters) - The Saudi market rose moderately on Monday, recovering some losses from previous sessions with most of its stocks gaining. Other indexes in the Gulf were mixed with Abu Dhabi and Qatar extending losses following last week’s oil tanker attacks.

The United States blamed Iran for attacks on two tankers in the Gulf of Oman on Thursday raising fears of a new U.S.-Iranian confrontation. Tehran denied the allegation.

Saudi Crown Prince Mohammed bin Salman on Saturday urged the international community to take a "decisive stand" but said Riyadh does not want a war.

The Saudi index .TASI rose 1% with Saudi Arabian Mining Co 1211.SE gaining 3.9% and Dar Al Arkan Real Estate Development Company 4300.SE jumping 6.2%.

National Commercial Bank (NCB) 1180.SE and Riyad Bank 1010.SE added 1% and 1.3% respectively after JP Morgan raised their target prices.

In Egypt, the index .EGX30 increased 0.2 percent with Commercial International Bank COMI.CA closing 1.1% higher and Elsewedy Electric SWDY.CA was up 2.4%.

The latter on Sunday acquired a portfolio of renewable energy assets in Greece for a total consideration of 55 million euros.

The Abu Dhabi index .ADI extended its losses for the third straight session mainly pressured by its financial stocks. A 0.8% slide in First Abu Dhabi Bank FAB.AD, and a 2.7% drop in Abu Dhabi Commercial Bank ADCB.AD pushed the index down by 1.1%.

Emirates Telecommunications (Etisalat) ETEL.AD was down 1.2%.

A prospectus published on Saturday by the bourse regulator AMMC showed that the Moroccan government is selling 8% stake in Maroc Telecom IAM.CS, in which Etisalat owns 53%, to local investors.

Analysts see the stake sale to local institutional investors as a way to prevent Etisalat further increasing its stake.

Qatar's index .QSI declined 0.9 percent with market heavyweight Industries Qatar IQCD.QA dropping 2.1% and Commercial Bank COMB.QA losing 3.1%.

In Dubai, the index .DFMGI traded flat with telecom operator Emirates Integrated Telecommunications DU.DU gaining 1%. The company said on Sunday the United Arab Emirates' sovereign wealth fund, Emirates Investment Authority, had increased its stake by buying 463.3 million shares from Mamoura Diversified Global Holding and General Investments.

Islamic Arab Insurance (Salama) SALAMA.DU surged 3.9%. On Monday, the board elected Jassim Alseddiqi as chairman.

SAUDI ARABIA

The index .TASI rose 1% to 8,976 points

ABU DHABI

The index .ADI slid 1.1% to 4,901 points

DUBAI

The index .DFMGI was flat at 2,614 points

QATAR

The index .QSI lost 0.9% to 10,390 points

EGYPT

The index .EGX30 added 0.2% to 14,241 points

BAHRAIN

The index .BAX was flat at 1,450 points

OMAN

The index .MSI was up 0.1% at 3,919 points

KUWAIT

The index .BKP edged up 0.1% to 6,356 points

(Reporting by Ateeq Shariff in Bengaluru; Editing by Toby Chopra)

((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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