November 7, 2019 / 1:30 PM / 11 days ago

MIDEAST STOCKS-Banks, earnings drive Saudi up; other Gulf markets mixed

    * Middle East Health care jumps on strong Q3 earnings
    * All but one Saudi Arabian banks gain 
    * Credit Agricole Egypt rises on 9-month financials
    * Masraf Al Rayan gains on sukuk issuance

    By Ateeq Shariff
    Nov 7 (Reuters) - Major Gulf markets were mixed on Thursday
in lacklustre trading, with banking shares and corporate
earnings making the Saudi index the biggest gainer, while
Egypt's bourse rebounded on gains in financial stocks.
    Saudi Arabia's benchmark index was up 0.6%, with Al
Rajhi Bank gaining 1.2% and Samba Financial Group
 advancing 3.1%.
    Saudi Basic Industries was up 1.1% despite HSBC
slashing its target price to 78 riyals ($20.80) from 80 riyals.
    Middle East Healthcare surged 6.1% after posting a
sharp rise in third-quarter net profit. The hospitals operator 
attributed the surge to a decrease in general and administrative
expenses.
    National Medical Care added 2.2% as the firm
posted a surge of more than 45% in third-quarter net profit.
    The Egyptian blue-chip index rebounded 0.6%, a day
after it took a breather to snap a nine-day winning streak. 
    Commercial International Bank increased 0.6%. The
country's largest lender on Tuesday reported a 23% increase in
third-quarter profit.
    Non-Arab foreigners were net buyers of the stocks during the
session, while Egyptians were net sellers, according to data on
the exchange website. 
    Among other stocks, Credit Agricole Egypt closed
1.3% higher after posting a nine-month net income of 1.87
billion Egyptian pounds ($116.22 million), compared to 1.68
billion year ago.
    In Dubai the index reversed course to close up 0.4%
with blue-chip developer Emaar Properties and Emirates
NBD rising 1% and 0.4% respectively.
    On Wednesday, Moody's said that the United Arab Emirates'
banking outlook is stable on resilient credit profiles in
subdued economy.
    The Abu Dhabi index slipped 0.3% with the country's
largest lender First Abu Dhabi Bank losing 0.4% and
Emirates Telecommunications down 0.5%.
    Industries Qatar was the main drag on the Qatari
index, which edged down 0.1%, but gains in other
blue-chips capped losses.
    Masraf Al Rayan rose 1% the day after it issued
$500 million sukuk, or Islamic bonds, with five-year term, part
of a $2 billion sukuk programme.
            
 SAUDI ARABIA  The index         rose 0.6% to 7,798 points
 ABU DHABI     The index        lost 0.3% to 5,131 points
 DUBAI         The index          added 0.4% to 2,699 points
 QATAR         The index        slipped 0.1% to 10,275 points
 EGYPT         The index          fell 0.6% to 14,796 points
 BAHRAIN       The index        edged up 0.1% to 1,518 points
 OMAN          The index        gained 0.3% to 4,041 points
 KUWAIT        The index        was up 0.3% at 6,179 points
 

($1 = 3.7501 riyals)

($1 = 16.0900 Egyptian pounds)

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten
Donovan)
  
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