December 5, 2019 / 1:31 PM / 2 months ago

MIDEAST STOCKS-Qatar outperforms Gulf markets as Egypt retreats

    * Mesaieed gains after tax exemption
    * Anaam surges on capital increase
    * Sidi Kerir sees biggest fall in over 2-months
    * Financials weak in Dubai, Abu Dhabi

    By Ateeq Shariff
    Dec 5 (Reuters) - Qatar outperformed other Gulf stock
markets Thursday, while the Egypt bourse slipped as most of its
blue-chip stocks fell.
    The Qatari index rose 0.8%, with Qatar Islamic Bank
 up 3% and Mesaieed Petrochemical 0.8% higher
after it said it had received an income tax exemption and a tax
refund of 170 million riyals ($46.7 million).
    In Saudi Arabia, the benchmark index rose 0.4% with
National Commercial Bank and Riyad Bank
gaining 2% and 1.7% respectively.
    Elsewhere, Anaam Holding soared 9.9%, the top
gainer on the index, a day after its board proposed a capital
increase through a rights issue.
    Meanwhile Saudi Aramco's bookrunners have recommended
pricing its initial public offering at 32 riyals ($8.5) per
share, the top of an indicated price range, Reuters reported,
citing three sources familiar with the deal.
    Egypt's blue-chip index was off 0.1% as Sidi Kerir
Petrochemical fell 6.8%, its biggest drop since
late-September. The firm said that its estimated investment
budget for 2020 is 6.88 billion Egyptian pounds ($428.39
    In Dubai, the index closed flat as developer Emaar
Properties gained 0.7% while Emirates NBD Bank
 was down 0.4%.
    The Abu Dhabi index was also flat with Emirates
Telecommunications adding 0.4%, but Abu Dhabi
Commercial Bank was off 0.9%.
    Growth in United Arab Emirates' non-oil private sector
slowed to a 10-year low in November and companies saw the first
monthly decline in new orders on record, a survey showed.

 SAUDI ARABIA          rose 0.4% to 7,906 points
 ABU DHABI            was flat at 5,047 points
 DUBAI                  was also flat at 2,695 points
 QATAR                rose 0.8% to 10,358 points
 EGYPT                  down 0.1% to 13,622 points
 BAHRAIN              added 0.2% to 1,547 points
 OMAN                 slipped 0.3% to 4,029 points
 KUWAIT               was up 0.2% at 6,656 points

($1 = 3.6400 Qatar riyals)

($1 = 3.7500 riyals)

($1 = 16.0600 Egyptian pounds)

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Alexander
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