October 30, 2019 / 1:20 PM / 21 days ago

MIDEAST STOCKS-Abu Dhabi outperforms on FAB, Saudi ends losing streak

    * FAB sees its biggest gain in over 3 months
    * Savola rallies after reporting Q3 profit
    * Al Hokair Group slides after posting Q3 loss
    * DAMAC drops as declares no dividend

    By Ateeq Shariff
    Oct 30 (Reuters) - Abu Dhabi stocks rebounded on Wednesday,
outperforming regional peers after a surge in First Abu Dhabi
Bank, while Saudi snapped a three-day losing streak on corporate
earnings announcements.
    The Abu Dhabi index bounced back 1.9% after it lost
1.2% in the previous session, with market heavyweight First Abu
Dhabi Bank (FAB) surging 3.4%.
    The largest lender in the United Arab Emirates saw its
biggest intraday gain since July, a day after it announced the
opening of a new branch in Saudi's Al Khobar. Another branch is
scheduled to open soon in Jeddah.
    On Oct. 24 the lender also reported single-digit growth in
third-quarter net profit, broadly in line with analyst 
forecasts.
    In Saudi Arabia, the benchmark index gained 1.3%, 
with Al Rajhi Bank increasing 2.4% and National
Commercial Bank up 1.6%.
    Savola Group extended gains from the previous
session, jumping 5.5%. On Monday, the conglomerate reported
third-quarter net profit of 221.8 million riyals ($59.14
million) versus a net loss of 50.7 million riyals a year
earlier. 
    The firm attributed the gains to higher sales and margins,
an increase in the share of profits from associates and lower
currency exchange losses.
    PetroRabigh gained 3.2%, a day after it posted a
more than 62% rise in third-quarter net profit, which it said
was due to an improved profit margin for refined products and an
improved operational performance.
    However, Abdulmohsen Al Hokair Group For Tourism And
Development plunged 4.8% after posting a third-quarter
net loss of 15.5 million riyals, compared with a net profit of
1.9 million a year earlier.
    The Dubai Financial Market General Index was up
0.6%, led by gains in the real estate sector.
    Blue-chip developer Emaar Properties climbed 2.4%
and Dubai Islamic Bank, the United Arab Emirates'
largest sharia-compliant lender, closed 0.6% up.
    But, DAMAC Properties declined 1.1% after it
announced no dividend due to low profitability and a weak
market.
    Among other stocks, UAE telecoms company du declined
2% after reporting a drop in third-quarter net profit.
    Qatar's index rose 0.6%, with market heavyweight
Industries Qatar and Qatar Islamic Bank
gaining 1.6% and 1.2% respectively.
    Egypt's blue-chip index edged up 0.1%, aided by
gains in Sidi Kerir Petrochemicals, which soared
10.4%.
    
 SAUDI ARABIA  The index         rose 1.3% to 7,793 points
 ABU DHABI     The index        gained 1.9% to 5,173 points
 DUBAI         The index          added 0.6% to 2,755 points
 QATAR         The index        was up 0.6% to 10,284 points
 EGYPT         The index          up 0.1% to 14,478 points
 BAHRAIN       The index        lost 0.2% to 1,522 points
 OMAN          The index        edged up 0.2% to 4,013 points
 KUWAIT        The index        was down 0.8% at 6,231 points
 ($1 = 3.7502 riyals)

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Mark
Potter)
  
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