* Egypt's biggest listed bank climbs 1.9 pct
* Aldar's dividend disappoints investors
* Property developers, builders in Dubai also fall
* Other Gulf markets rise
* Saudi's Al Tayyar Travel Group gains on UK acquisition
By Olzhas Auyezov
DUBAI, Feb 12 Egypt's bourse rose on Wednesday
as the country's biggest listed bank posted strong
fourth-quarter earnings, while markets in the United Arab
Emirates weakened after a disappointing earnings report from Abu
Dhabi property developer Aldar.
Egypt's index added 1.0 percent to 7,571 points
after Commercial International Bank (CIB) posted a 29
percent rise in quarterly net profit to 757 million Egyptian
pounds ($109 million). The bank's stock rose 1.9 percent.
The index is "heading towards 7,600 points after CIB
reported strong Q4 earnings numbers," said Islam Batrawy,
Cairo-based head of MENA equity sales at NBK Capital. "CIB was
the major contributor to the upward move."
In the UAE, however, both bourses closed lower after Aldar
Properties disappointed some investors despite
reporting higher net profit. Its stock fell 4.2 percent while
Abu Dhabi's index was down 0.1 percent.
"I think disappointment could be with the dividend," said
Sanyalak Manibhandu, senior analyst at NBAD Securities.
"Ahead of the announcement this morning I think a lot of
investors were expecting Aldar to pay at least 10 fils (per
share worth one dirham). They paid 7." Last year, Aldar paid a
cash dividend of 6 percent.
Brokerage Arqaam Capital also pointed to delays in handing
over some projects which led to lower-than-expected revenues. It
described Aldar's recurring income as "uninspiring" in a note on
That may have prompted some retail investors to book profits
and sell UAE small-cap stocks along with those in the property
and related sectors.
Dubai-based builder Arabtec shed 3.3 percent while
shares in Emaar Properties edged down 0.4 percent.
Dubai's index fell 0.4 percent, ending a seven-session
Bourses in Qatar and Oman - often used by
regional investors to "park" money after booking profits in the
UAE - gained 0.8 percent and 0.2 percent.
Saudi Arabia's index rose 0.6 percent, largely
lifted by telecommunications firm Etihad Etisalat (Mobily)
, which gained 2.5 percent in thin trading.
Mobily made no major announcements on Wednesday. Last month,
it said it would start leasing its mobile phone network to a new
operator to launch a rival service in the first quarter of this
year. It also beat analysts' forecast with a 8.6 percent
increase in fourth-quarter profit.
Al Tayyar Travel Group rose 1.8 percent after its
subsidiary acquired luxury British tour operator Elegant Resort
Company for 10.3 million pounds ($16.98 million).
* The index rose 1.0 percent to 7,571 points.
* The index fell 0.4 percent to 4,047 points.
* The index slipped 0.1 percent to 4,868 points.
* The index rose 0.8 percent to 11,453 points.
* The index gained 0.2 percent to 7,160 points.
* The index added 0.6 percent to 8,913 points.
* The index gained 0.1 percent to 7,861 points.
* The index rose 0.2 percent to 1,315 points.
(Editing by Andrew Torchia)