January 30, 2018 / 8:17 AM / in a year

MIDEAST STOCKS-Dubai Islamic Bank pulls down Dubai, rest of Gulf moves little

DUBAI, Jan 30 (Reuters) - Dubai Islamic Bank pulled down the emirate’s stock index in early trade on Tuesday after it announced a new share issue, while other Gulf bourses moved little.

The Dubai index slipped 1.0 percent as Dubai Islamic fell 4.1 percent. Its board called an annual general meeting for Feb. 21 to approve a proposed capital increase via issuance of up to 1.65 billion new shares; the bank currently has 4.9 billion outstanding shares.

Bahrain’s Ithmaar Holding, which listed in Dubai on Monday, shot up its 15 percent daily limit to 0.87 dirham in heavy trade. Its Bahrain-listed shares surged 7.7 percent to 21.0 U.S. cents, equivalent to 0.77 dirham.

Saudi Arabia’s index edged up 0.1 percent after an hour. Investment firm Kingdom Holding, which had risen sharply on the previous two days after owner Prince Alwaleed bin Talal was released in the country’s corruption purge, lost steam and was 0.9 percent lower.

National Medical Care jumped 5.5 percent after reporting fourth-quarter net profit of 30.7‍​ million riyals ($8.2 million), swinging from a year-earlier loss of 69.7 million riyals.

Qatar’s index fell 0.2 percent but Qatar Commercial Bank added 2.3 percent after reporting that annual net profit rose 21 percent. It proposed a one riyal per share dividend for 2017, compared to a 1-for-20 bonus share issue for 2016. (Reporting by Andrew Torchia, Editing by William Maclean)

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