August 28, 2018 / 1:58 PM / a month ago

MIDEAST STOCKS-Saudi index rise for third straight day, banks lift Qatar

DUBAI, Aug 28 (Reuters) - Saudi Arabia’s stock market rose on Tuesday for a third consecutive day, fuelled by gains in energy and telecommunications shares, while Qatari stocks were lifted by financials.

Saudi Arabia’s main index added 0.5 percent, with Saudi Telecom rising 1.8 percent and oil refiner Petro Rabigh up 1.4 percent.

Saudi market, which has added about 11 percent in the year-to-date, has been buoyed by inflows of foreign funds in anticipation of Riyadh joining emerging market indexes next year. Recent exchange data indicates those inflows have slowed but not halted as stock valuations have risen.

Qatar index rose 0.6 percent on sustained interest in financials, which were recently battered by concerns about Turkey. Qatar National Bank rose 0.6 percent and Masraf Al Rayan climbed 2.1 percent.

Dubai index was weighed down by Emaar Properties which fell 2.4 percent and a 2.1 percent drop in Emirates NBD as investors remained jittery about its agreement in May to buy Turkey’s Denizbank in a $3.2 billion deal.

Abu Dhabi index rose 0.4 percent, helped by property and financial stocks.

In Egypt, the benchmark index rose 2.4 percent as buying interest returned to the market after a miserable quarter when emerging market assets came under pressure due to Turkey.

Commercial International Bank rose 4 percent and El Sewedy Electric Co climbed 4.4 percent, as broker CI Capital raised its price target to 248 Egyptian pounds ($13.89) from 165 pounds. The stock last closed at 181.66 pounds.

SAUDI ARABIA * The index added 0.5 percent to 8,037 points.

DUBAI * The index fell 0.4 percent to 2,819 points.

ABU DHABI * The index added 0.4 percent to 4,958 points.

QATAR * The index added 0.6 percent to 9,858 points.

KUWAIT * The index fell 1.0 percent to 5,5258 points.

BAHRAIN * The index fell 0.1 percent to 1,347 points.

OMAN * The index added 0.7 percent to 4,410 points.

EGYPT * The index added 2.4 percent to 15,606 points. ($1 = 17.8500 Egyptian pounds) (Reporting by Saeed Azhar and Alexander Cornwell; Editing by Andrew Bolton)

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