April 25, 2019 / 1:17 PM / 8 months ago

MIDEAST STOCKS-Dubai Investments weighs on Dubai index, banks lift Saudi

    * Dubai Investments slumps after trading ex-dividend
    * Takaful Emarat slides on acquisition withdrawal
    * Riyad Bank continues to gain on strong Q1 results
    * Industries Qatar slides for third session

    By Ateeq Shariff
    April 25 (Reuters) - Dubai's stock market fell on Thursday,
pressured by Dubai Investments trading ex-dividend, while banks
lifted the Saudi index.
    Dubai's index dropped 0.5 percent, with Dubai
Investments plunging 9.8 percent to its biggest
one-day loss since August 2015, as the stock went ex-dividend.
    Takaful Emarat Insurance was down 1.3 percent
after it said it will no longer proceed with the proposed
acquisition of Al Hilal Takaful.
    Dubai Entertainment inched up 0.4 percent after
shareholders voted to discontinue its Six Flags theme park
project and approved a plan for business continuity.
    The Saudi index rose 0.4 percent, with Riyad Bank
 climbing 4.5 percent to its highest level since May
2006. On Monday, the lender posted a 22 percent rise in
first-quarter profit driven by higher special commission income
and fees.
    Alawwal Bank gained 2 percent. The lender called
for a shareholder meeting on May 15 to approve a merger offer
from Saudi British Bank. Saudi British Bank was up 1.3
percent. 
    Qatar's blue-chip index edged down 0.1 percent as
market heavyweight Industries Qatar closed 0.8 percent
lower for the third straight session. On Monday, the company
posted first-quarter net profit that almost halved, pressured by
weak demand for its products and constraints on pricing.
    United Development Company lost 1.6 percent after
reporting a lower first-quarter net profit.
    The Abu Dhabi index dipped 0.1 percent, as energy
company Dana Gas fell 6.6 percent after the stock went
ex-dividend.
    The Abu Dhabi Securities Exchange said Abu Dhabi Commercial
Bank (ADCB) will start trading on May 1 after its
merger with Union National Bank (UNB), while UNB will
cease trading post April 30. ADCB was up 0.8 percent and UNB
added 1.6 percent.
    The Egyptian stock market was closed for a public holiday.

 SAUDI ARABIA  The index         rose 0.4 pct to 9,276 points
 ABU DHABI     The index        was down 0.1 pct to 5,392
               points
 DUBAI         The index          lost 0.5 pct to 2,787 points
 QATAR         The index        fell 0.1 pct to 10,451 points
 BAHRAIN       The index        gained 0.3 pct to 1,442 points
 OMAN          The index        slipped 0.3 pct to 3,940 points
 KUWAIT        The index        dropped 0.5 pct to 6,137 points
 

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