October 22, 2019 / 1:08 PM / 24 days ago

MIDEAST STOCKS-Saudi outperforms on Q3 results, Dubai ends losing streak

    * Alinma Bank sees biggest gain in 6 months
    * Bank Albilad jumps on strong Q3 financials
    * Deyaar surges on future prospect
    * Qatar extends losses for fourth day

    By Ateeq Shariff
    Oct 22 (Reuters) - Saudi Arabia's stock market rose sharply
on Tuesday, outperforming other regional markets on the back of
strong corporate earnings, while Dubai rebounded through gains
in financials and property shares.
    The Saudi benchmark index added 1.4% with Al Rajhi
Bank increasing 2.8% and Alinma Bank leaping
4.9%, its biggest intraday gain since April.
    The latter reported a rise in third-quarter profit to 713
million riyals ($190.10 million) compared to 637 million a year
earlier.
    Among other lenders, Bank Albilad jumped 4.5%
after it reported strong third-quarter earnings on Monday.
    National Shipping Company of Saudi Arabia rose
2.8%. On Monday, the firm posted a more than 80% surge in
third-quarter net profit, which it attributed to higher returns
from operating segments powered by growth in logistics services.

    Dubai's main index gained 0.9%, snapping a
three-day losing streak, with blue-chip developer Emaar
Properties and Dubai Islamic Bank adding
1.4% and 1.1% respectively.
    Deyaar Development soared 10.5% to become the top
gainer on the index. Deyaar said on Monday that its accumulated
losses reached 1.51 billion dirhams ($411.13 million).
    By contrast, the developer said it would continue to launch
quality projects and was keen to diversify income resources
through property and facilities management services.

    In Abu Dhabi, the index rose 0.7% as the country's
largest lender First Abu Dhabi Bank gained 0.7% and
Emirates Telecommunications closed 1.1% higher.
    The United Arab Emirates' bank lobby is proposing limits on
bank lending to the real estate sector to protect them from
being overexposed to the sector, Reuters reported on Tuesday
citing a senior bank executive.
    Real estate and construction accounted for about 20% of
gross loans at the end of the first quarter, according to
central bank data.
    Outside the Gulf, Egypt's blue-chip index edged up
0.2%, led by a 0.3% gain in Commercial International Bank
 and a 0.8% rise in Eastern Company.
    Extending losses for a fourth straight session, Qatar's
index ended 0.2% lower with Qatar Fuel dropping
1.9% and Qatar International Islamic Bank was down
1.7%.

 SAUDI ARABIA  The index         rose 1.4% to 7,873 points
 ABU DHABI     The index        gained 0.7% to 5,136 points
 DUBAI         The index          added 0.9% to 2,788 points
 QATAR         The index        was down 0.2% at 10,376 points
 EGYPT         The index          was up 0.2% at 14,201 points
 BAHRAIN       The index        lost 0.1% to 1,525 points
 OMAN          The index        slipped 0.2% to 4,007 points
 KUWAIT        The index        increased 0.4% to 6,297 points
 

($1 = 3.6728 UAE dirham)

($1 = 3.7506 riyals)

 (Reporting by Ateeq Shariff in Bengaluru, editing by Ed Osmond)
  
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