MIDEAST STOCKS-UAE markets slide; Qatar, Egypt rebound

Wed Apr 30, 2014 9:48am EDT

Related Topics

* Banks drag down Abu Dhabi bourse

* Qatar rebounds on higher volume

* Global Telecom lifts Egypt's market

* Oman's Nawras gains after Q1 profit rise

By Olzhas Auyezov

DUBAI, April 30 (Reuters) - Stock markets in the United Arab Emirates remained weak on Wednesday while bourses in Qatar and Egypt rebounded after several days of losses.

Dubai's bourse edged down 0.5 percent with declines across the board. Lender Emirates NBD, down 2 percent, was the main drag.

Shares in Arabtec's, which soared 50 percent this month, fell 0.6 percent in early trade before trading was suspended for the rest of the day from 0700 GMT when its annual shareholder meeting opened.

At the meeting, Arabtec proposed to replace a 10-percent cash dividend for 2013 - suggested earlier by its board - with additional bonus shares.

Arabtec chief executive Hasan Ismaik also said the company would spin off and float 40 percent of its construction business in an initial public offering on the Abu Dhabi bourse slated for 2015.

With Dubai's year-to-date gains at 51 percent, Middle East fund managers have become more cautious about the UAE because of concern that Dubai may be overheating, a monthly Reuters survey showed on Wednesday.

Twenty-seven percent of managers in the latest survey expect to raise their UAE equity allocations in the next three months, while 40 percent expect to reduce them. That is a major swing from the March survey, when 40 percent were bullish and only 20 percent bearish.

Abu Dhabi's benchmark slid 0.5 percent largely because of banking stocks.

Abu Dhabi Commercial Bank dropped 2.1 percent, Union National Bank fell 1.9 percent and National Bank of Abu Dhabi slipped 1.7 percent.

QATAR, EGYPT

Doha's index rose 0.4 percent as trading increased from Monday and some large-caps rebounded after several days of losses.

Islamic lender Masraf Al Rayan was the main support, gaining 1.9 percent, while Doha Bank rose 2.7 percent. Industries Qatar added 0.7 percent, reversing some of the losses that weak first-quarter results sparked earlier this week.

However, shares in Barwa Real Estate fell 3.9 percent even though the company reported a 67 percent jump in first-quarter profit on Wednesday.

Egypt's index climbed 1.3 percent largely due to Global Telecom, which gained 2.8 percent on higher-than-average volume.

The stock had pulled back slightly after surging 15 percent last week on news the firm had resolved a long-running dispute with the Algerian government by selling a majority stake in the country's biggest telecoms operator for $2.6 billion.

Elsewhere, shares in Oman's No.2 telecom operator, Nawras , climbed 1.8 percent after it reported a 14 percent rise in first-quarter net profit on Wednesday.

WEDNESDAY'S HIGHLIGHTS

DUBAI

* The index fell 0.5 percent to 5,059 points.

ABU DHABI

* The index slid 0.5 percent to 5,045 points.

QATAR

* The index rose 0.4 percent to 12,678 points.

SAUDI ARABIA

* The index climbed 0.2 percent to 9,585 points.

EGYPT

* The index rose 1.3 percent to 8,256 points.

KUWAIT

* The index slipped 0.02 percent to 7,408 points.

BAHRAIN

* The index rose 0.1 percent to 1,427 points.

OMAN

* The index dipped 0.2 percent to 6,727 points. (Editing by Matt Smith)

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