January 14, 2020 / 1:42 PM / 11 days ago

MIDEAST STOCKS-Middle Eastern stocks gain on financials, Kuwait leads

    * Nine of eleven Saudi Banks rise
    * Aramco closes up at 34.9 riyals
    * United Wire jumps on FY profit
    * Qatar National Bank profit up by 4%

    By Maqsood Alam
    Jan 14 (Reuters) - Gulf stock markets closed higher on Tuesday with Kuwait
leading the gains, bolstered by banking shares amid rising oil prices, while
Egypt was supported by top lender Commercial International Bank.
    Oil prices rose snapping four straight days of declines as the United States
and China prepared to sign a preliminary trade deal.
    Brent crude gained 43 cents, or 0.67%, at $64.63 per barrel by 1036
GMT. U.S. West Texas Intermediate crude futures rose 32 cents or 0.4% at
$58.40 a barrel.
    Saudi Arabia's index was up 0.4%. Al Rajhi Bank gained
0.8%, while petrochemical firm Saudi Basic Industries added 0.5%.
    State-owned oil giant Saudi Aramco closed up 0.3% at 34.9 riyals,
offsetting earlier losses during the day.
    Amongst others, United Wire Factories jumped 5.5% after it
reported a surge in its annual profit.
    In Qatar, the index ended 0.7% up with Qatar Islamic bank
climbing 2.9% and Industries Qatar adding 0.8%.
    Qatar National Bank was up 0.2%. After the market closed, the
Gulf's largest lender reported a 4% rise in its annual profit to 14.4 billion
riyals ($3.96 billion) beating analysts' forecasts.
    Kuwait's index, which traded after two sessions of a break following
the death of Oman's Sultan Qaboos bin Said, closed up 1.9%. 
    Lenders National Bank of Kuwait and Kuwait Finance House
increased 2.2% and 1.6% respectively.
    In Abu Dhabi, the index rose 1.1% with First Abu Dhabi Bank
advancing 1.4% and Aldar Properties leaping 3.7%.
    Dubai’s index was up 1% led by a 2.7% gain in the blue-chip
developer Emaar Properties.
    Outside the Gulf, Egypt's blue-chip index was up 0.4% as market
heavyweight Commercial International Bank Egypt added 0.6%, while
Orascom Construction gained 0.7% after saying that it added $770
million to its backlog during the fourth quarter.
 SAUDI ARABIA          was up 0.4% to 8,475 points
 ABU DHABI            rose 1.1 % to 5,169 points
 DUBAI                  added 1% to 2,803 points
 QATAR                gained 0.6% to 10,637 points
 EGYPT                  was up 0.4% to 13,757points
 KUWAIT               increased 1.9 to 7,062 points
 BAHRAIN              rose 1.2% to 1,620 points
 

($1 = 3.6400 Qatar riyals)

 (Reporting by Maqsood Alam in Bengaluru
Editing by Chizu Nomiyama)
  
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