February 12, 2020 / 1:38 PM / 15 days ago

MIDEAST STOCKS-Most Middle Eastern stocks decline as Qatar leads losses

    * Industries Qatar slides on weak earnings
    * 27 of 30 Egyptian stocks drop
    * Zain Saudi extends losses on debts deal
    * Aramco closes down at 33.2 riyals

    By Maqsood Alam
    Feb 12 (Reuters) - Most major Middle Eastern stock markets
closed lower on Wednesday with Qatar and Dubai dragged down by a
slew of poor earnings, while financial shares fuelled Sa1udi
Arabia's gains.
    In Qatar, the index slipped 1.4% in its fourth
decline in a row, driven by a 4.8% plunge in Industries Qatar
. The petrochemical maker suffered its biggest
intra-day fall in six months as its annual profit declined by
48% to QAR 2.6 billion ($714.29 million).
    Dubai's index was down 0.5% with Emaar Properties
 declining 1.5%. After the market closed, the blue-chip
developer reported a marginal fall in its fourth-quarter net
profit.
    Emirates Integrated Telecommunications (du) closed
down 1.8%, having slid as much as 3.5% during the sessions after
it posted a decline in fourth-quarter revenue and mobile
subscriber base.
    In Egypt, the blue-chip index dropped 1.2% with
most constituents trading lower.
    Alexandria Mineral Oils Company declined 2.9%,
while Credit Agricole Egypt lost 1.9%, though it
posted a rise in 2019 profit.
    Egyptian and Arab investors were net sellers of stocks,
according to exchange data.
    Egypt is in talks with the International Monetary Fund about
technical assistance on non-financial structural reforms, its
central bank governor said on Tuesday..
    The country is emerging from a three-year, IMF-backed
economic reform programme that saw inflation soar as high as 33%
during 2017.
    Saudi Arabia's benchmark index gained 0.3% with Al
Rajhi Bank rising 1.3% and Banque Saudi Fransi
 adding 3.3%.
    However, the gains were capped by losses at Mobile
Telecommunications Co. (Zain Saudi), which plunged 7%,
extending losses for a second day after it ended talks to
convert government debts into shares.
    Oil giant Saudi Aramco retreated 0.8% to 33.2
riyals ($8.85), extending losses to a straight third session.
    The Abu Dhabi index edged down 0.2% as First Abu
Dhabi Bank shed 0.4% and Aldar Properties
lost 1.3%.
     
    
 SAUDI ARABIA          gained 0.3% to 7,915 points
 ABU DHABI            edged down 0.2% to 5,067 points
 DUBAI                  eased 0.5% to 2,730 points
 QATAR                fell 1.4% TO 9,953 points
 EGYPT                  fell 1.2% to 13,845 points
 BAHRAIN              edged down 0.1% to 1,662 points
 OMAN                 inched up 0.1% to 4,108 points
 KUWAIT               slipped 0.2% to 6,910 points
 

($1 = 3.6400 Qatar riyals)
($1 = 3.7505 riyals)

 (Reporting by Maqsood Alam in Bengaluru
Editing by Mark Heinrich)
  
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