April 7, 2019 / 9:02 AM / 6 months ago

MIDEAST STOCKS-Dubai continues hot streak, Abu Dhabi up on ADNOC Distribution

DUBAI, April 7 (Reuters) - The Dubai stock market continued its winning streak on Sunday, while Abu Dhabi also rose, boosted by ADNOC Distribution.

The Dubai index increased 0.43 percent, rising for its seventh straight session. Union Properties was by far the most traded stock, gaining 1.1 percent.

Emirates NBD Bank was up 1.27 percent following its announcement last week that it will buy Denizbank .

Emaar Properties was up 0.6 percent, while Shuaa Capital was up 4.27 percent.

The Abu Dhabi index was up 0.54 percent, mainly boosted by ADNOC Distribution, which was up 8 percent on Sunday, to a one year high of 2.7 dirhams ($0.7351).

Last week, the company’s shareholders approved increase in the firm’s dividend policy and a plan to buy back its shares, and Reuters reported that parent company ADNOC was considering a secondary listing for ADNOC Distribution overseas.

Dana Gas and Eshraq Properties were among the stocks registering the highest trading volumes in Abu Dhabi, and they went up 2 percent and 0.7 percent, respectively.

Saudi Arabia’s Tadawul index was down 0.41 percent, pulled down by Al Rajhi Bank which was down 1.62 percent.

Last week, Al Rajhi’s stock gained after shareholders approved a capital increase.

Saudi Almarai registered very thin trading volume, after what Arqaam capital called “uninspiring results” in a report on the company’s first quarter.

Led by Ahli United Bank, which was up 1.8 percent, Bahrain’s stock market was up 1.4 percent.

Egypt’s stock market was flat. ($1 = 3.6728 UAE dirham) (Reporting by Nafisa Eltahir Editing by Keith Weir)

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