November 17, 2019 / 1:25 PM / 2 months ago

MIDEAST STOCKS-FAB drags down Abu Dhabi; other mkts steady

    * Abu Dhabi sees biggest fall in over 3 months
    * Aldar falls for a fourth straight day
    * Emirates NBD rallies on unit's stake sale
    * Saudi Paper Manufacturing gains on grant approval

    By Ateeq Shariff
    Nov 17 (Reuters) - Abu Dhabi's stock market fell sharply on
Sunday, weighed down by the country's largest lender First Abu
Dhabi Bank, while other Gulf markets were mostly flat.
    In Abu Dhabi, the index slid 1.5%, its biggest fall
since August, as First Abu Dhabi Bank (FAB) retreated
2.4%, while telecoms firm Emirates Telecommunications
 was down 1.2%.
    Among other stocks, Aldar Properties declined
2.7%, extending losses for a fourth straight session.
    The property developer reported on Nov. 12 a near 8% drop in
third-quarter profit.
    Arqaam Capital had a net profit forecast of 435 million
dirhams and EFG Hermes had projected 429 million dirhams,
whereas the firm reported a net profit of 387 million dirhams.
    In Saudi Arabia, the index reversed course to gain
0.1% driven by a 2.4% rise in Al Rajhi Bank and a 0.9%
increase in Alinma Bank.
    Elsewhere, Saudi Paper Manufacturing advanced 2.9%
following an approval for a 52 million riyals ($13.87 million)
    Separately, Saudi Aramco set a price range for its listing
that implies the oil giant is worth between $1.6 trillion to
$1.7 trillion, below the $2 trillion the Saudi crown prince had
targeted but still making it potentially the world's biggest
    Aramco said on Sunday it plans to sell 1.5% of its shares or
about 3 billion shares, at an indicative price range of 30
riyals ($8.00) to 32 riyals - valuing the IPO at as much as 96
billion riyals ($25.60 billion) at the top end of the range.
    Dubai's index edged up 0.1%, led by a 4.7% leap in
Emirates NBD. On Wednesday, the emirate's largest
lender confirmed the sale of 31 million shares in Network
International Holdings for 160 million pounds ($205
    Union Properties rose 2% after reporting
third-quarter losses that were narrower than in the previous
    However, the gains were capped by losses in Arabtec Holding
, which dived 9.6%, its biggest fall since May.
    The Dubai-listed contractor swung to a third-quarter loss of
437.4 million dirhams ($119.09 million), compared with a profit
of 67.5 million dirhams a year ago.
    The Qatari index was down 0.5% with the Gulf's
largest lender Qatar National Bank decreasing 1.1% and
Industries Qatar losing 1%.
    Outside of the Gulf, Egypt's blue-chip index edged
up 0.1% with Commercial International Bank adding
    However, Sidi Kerir Petrochemicals closed down
6.4%, stretching its losing streak for a fifth session. On
Tuesday, the firm reported a steep fall in its nine-month net

 SAUDI ARABIA  The index         rose 0.1% to 7,928 points
 ABU DHABI     The index        slid 1.5% to 5,061 points
 DUBAI         The index          edged up 0.1% to 2,705 points
 QATAR         The index        lost 0.5% to 10,317 points
 EGYPT         The index          up 0.1% to 14,556 points
 BAHRAIN       The index        fell 0.4% to 1,499 points
 OMAN          The index        added 0.2% to 4,093 points
 KUWAIT        The index        edged up 0.1% to 6,263 points

($1 = 0.7815 pounds)

($1 = 3.7501 riyals)

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Susan
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below