July 16, 2018 / 1:16 PM / 5 months ago

MIDEAST STOCKS-Saudi, Abu Dhabi, Qatari banks lift most Gulf indexes

* TAQA, Dana Gas buck trend as lower oil prices weigh

* Emaar Properties rises in Dubai

DUBAI, July 16 (Reuters) - Most Gulf markets ended Monday in positive territory with Saudi Arabian, Qatari, and Abu Dhabi indexes all gaining 1 percent or more as the second quarter earnings reporting season got under way and despite a drop in oil prices.

Abu Dhabi’s main index added 1.1 percent with support also from telecom shares. First Abu Dhabi Bank (FAB) closed up 2 percent, Emirates Telecom (Etisalat) up 1.8 percent, and Abu Dhabi Islamic Bank (ADIB) up 1.6 percent.

ADIB reported on Monday a 3.8-percent second-quarter profit rise to 572.7 million dirhams.

Energy shares weighed with Dana Gas falling 1.9 percent and Abu Dhabi National Energy (TAQA) closing 2.4 percent lower as the oil market slipped on potential production increases from Russia and other oil producers.

Qatar’s benchmark index added 1.1 percent with petrochemicals, metals and fertiliser producer Industries Qatar closing 4.7 percent higher.

Qatar Commercial Bank rose 1.2 percent and Vodafone Qatar climbed 3.1 percent.

Saudi Arabia’s index closed up 1 percent. Al Rajhi Bank rose 1.9 percent, while National Commercial Bank rose 1.7 percent, and Samba Financial Group edged up 2.7 percent.

Developer Jabal Omar fell 1.4 percent.

In Dubai, Emaar Properties closed up 2.8 percent while Emaar Malls fell 0.5 percent. Emaar Malls said after the market closed it had appointed former Marks & Spencer executive Patrick Bousquet-Chavanne as its new CEO.

The Dubai index rose 0.7 percent. SAUDI ARABIA * The index rose 1.0 percent to 8,491 points. DUBAI * The index rose 0.7 percent to 2,919 points. ABU DHABI * The index rose 1.1 percent to 4,747 points. QATAR * The index rose 1.1 percent to 9,340 points. KUWAIT * The index rose 1.0 percent to 5,390 points. BAHRAIN * The index rose 0.6 percent to 1,352 points. OMAN * The index fell 0.2 percent to 4,449 points. EGYPT * The index fell 1.2 percent to 15,656 points. ($1 = 3.6728 UAE dirham) (Reporting by Alexander Cornwell Editing by Louise Ireland)

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