October 10, 2019 / 1:33 PM / 7 days ago

MIDEAST STOCKS-Egyptian stocks gain after inflation data, Saudi extends losses

    * Saudi Arabia falls for a fourth day
    * Lender CIB supports Egypt
    * Banks, petchems weigh on Saudi
    * QNB rises on 9-month profit rise

    By Maqsood Alam  and Shamsuddin Mohd
    Oct 10 (Reuters) - Egyptian blue-chip stocks rose on Thursday after data
showed consumer price inflation dropping to its lowest level in almost seven
years, while Saudi Arabia fell for a fourth straight session. 
     Egypt's annual urban consumer price inflation slowed to 4.8% in September
from 7.5% in August, clearing the way for the central bank to cut interest rates
further after two consecutive months of easing.
    Inflation has been slowing in recent months as Egypt approaches the end of
an IMF-backed economic reform programme that saw the annual inflation rate rise
to 33% during 2017.
    Egypt's blue-chip index closed 0.8% higher with market heavyweight
Commercial International Bank rising 0.3% and Cairo for Investment and
Real Estate Development adding 3.9%. 
    Stock exchange data showed that foreign investors were net-buyers of
Egyptian stocks.   
    In Saudi Arabia, the benchmark index slipped 0.3%. Al Rajhi Bank
 dropped 1.2%, while the world's fourth largest chemical maker Saudi
Basic Industries (SABIC) was down 0.8%.
    Saudi Arabia told OPEC that its oil production in September fell by 660,000
barrels per day (bpd) compared with August to 9.13 million bpd in the wake of
attacks on its energy installations. However, secondary sources put last month's
production at just 8.56 million bpd, OPEC's monthly report showed.
    Mid-September attacks targeted two of state oil giant Saudi Aramco's plants,
knocking out half of the kingdom's oil production.  
    Abu Dhabi's index closed 0.4% higher led by a 0.8% rise in blue-chip
lender First Abu Dhabi Bank and a 1% gain in Aldar Properties
.
    In Qatar, the index was up 0.3%. Qatar National Bank
climbed 1.2% after the Gulf's biggest lender reported a 4% increase in
nine-month net profit, broadly in line with analyst estimates.
    In Dubai, the index traded flat with developer Emaar Properties
 increasing 1.1%.
    
 SAUDI ARABIA  The index         was down 0.3% to 7,695 points
 ABU DHABI     The index        was up 0.4% to 5,073 points
 DUBAI         The index          was flat at 2,810 points
 QATAR         The index        edged up 0.3% to 10,228 points
 EGYPT         The index          rose 0.8% to 14,302 points
 BAHRAIN       The index        was up 0.3% to 1,523 points
 OMAN          The index        was down 0.7% at 4,014 points
 KUWAIT        The index        was up 0.3% to 6,213 points
 


 (Reporting by Maqsood Alam and Shamsuddin Mohd in Bengaluru; Editing by Kirsten
Donovan)
  
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