July 17, 2019 / 1:19 PM / 3 months ago

MIDEAST STOCKS-Banks aid Qatar, Abu Dhabi; other Gulf markets mixed

    * Commercial Bank earnings boost Qatar
    * Emaar Properties drag down Dubai
    * Dubai Islamic Bank up on Q2 profit
    * Kuwaiti stocks optimistic on MSCI decision

    By Ateeq Shariff
    July 17 (Reuters) - Middle East stock markets were mixed on
Wednesday with Qatar and Abu Dhabi rising on financial stocks,
while property stocks weighed on Dubai.
    Qatar's index edged up 0.1% with Commercial Bank
 rising 1.9% after the lender recorded a net profit of
934.1 million riyals ($256.62 million) in the first-half of
2019, versus 855.1 million riyals a year earlier.
    In Kuwait, the index for the premier market, home to
the largest and most liquid companies, rose 0.2%. 
    It has been boosted by MSCI's decision to move Kuwaiti
equities to its main emerging-market index in 2020 and is up
more than 28% this year, outperforming its Gulf peers.
    In Abu Dhabi, the market rebounded 0.1%, after shedding in
early trading, on the back of its top gainer National Bank of
Fujairah, which soared 10.9%, and Emirates
Telecommunications, which was up 0.1%.
    Saudi Arabia's main index traded flat after rising
for seven straight sessions following EFG Hermes forecast profit
for the kingdom's financial sector would grow 7.6% in the second
quarter.
    Saudi Telecom rose 0.9%, and Saudi Arabian Mining
Company closed 1.9% higher.
    Egypt's blue-chip index fell 0.6% as most of its
shares turned red, with the country's largest lender Commercial
International Bank shedding 0.9%.
    Exchange data on Wednesday showed Egyptians and Arabs were
net sellers of Egyptian stocks.   
    The Dubai index fell 0.2% pressured by its largest
listed developer, Emaar Properties, which was down
1.2%.
    However, Dubai Islamic bank added 0.2% after it
posted a higher second quarter profit, while Emirates NBD
 traded flat.
    The Emirate's largest lender rose as much as 1.8% during the
day after reporting a 80% surge in second-quarter profit mainly
thanks to asset sales and foreign exchange gains.
    
 SAUDI ARABIA  The index         was flat at 9,076 points
 ABU DHABI     The index        edged up 0.1% to 5,081 points
 DUBAI         The index          lost 0.2% to 2,716 points
 QATAR         The index        was up 0.1% at 10,614 points
 EGYPT         The index          slid 0.6% to 13,642 points
 BAHRAIN       The index        added 0.2% to 1,539 points
 OMAN          The index        fell 0.3% to 3,748 points
 KUWAIT        The index        gained 0.2% to 6,769 points
 

($1 = 3.6400 Qatar riyals)

 (Reporting by Ateeq Shariff in Bengaluru
Editing by Frances Kerry)
  
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