Earnings lift Abu Dhabi index to 3-month high; Egypt slips after recent run

A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed


Aug 8 (Reuters) - Abu Dhabi outperformed other Gulf stock markets on Monday, buoyed by strong corporate earnings, while Egypt's bourse retreated as investors locked in recent gains.

The Abu Dhabi index ahead of second-quarter earnings.

Among other gainers, Abu Dhabi National Oil Co For Distribution (ADNOCDIST.AD) gained 1.9% after reporting quarterly profit of 891.2 million dirhams ($243 million), up from 521.4 million dirhams a year ago.

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Dubai's main share index (.DFMGI) closed 1% higher, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) rising 1.7% and Dubai Investments (DINV.DU) up 5.6%.

High oil prices and increased production have been a boon for the United Arab Emirates economy this year, along with a continued recovery from the COVID-19 pandemic.

UAE finance ministry data on Monday showed the government's net operating surplus more than doubled in the first quarter as oil prices boosted public revenue.

Saudi Arabia's benchmark index (.TASI) was up 0.7%, led by a 2.5% rise in Banque Saudi Fransi (1050.SE).

The Qatari benchmark (.QSI) climbed 1.4%, with most stocks on the index in positive territory, including petrochemical maker Industries Qatar (IQCD.QA), which added 1.2%.

On Sunday, Industries Qatar reported net profit of 5.4 billion riyals ($1.47 billion) for the first-half of 2022, a 57% gain over the first-half of 2021.

Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.8%, snapping four sessions of gains.

Traders said they had sought to secure gains after last week's strong performance.

($1 = 3.6729 UAE dirham)

($1 = 3.6754 Qatar riyals)

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Reporting by Ateeq Shariff in Bengaluru; Editing by Alexander Smith

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