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MIDEAST STOCKS-Gulf mostly rises, Qatar underperforms as Ezdan plunges again
May 30, 2017 / 1:32 PM / 3 months ago

MIDEAST STOCKS-Gulf mostly rises, Qatar underperforms as Ezdan plunges again

* Several Saudi stocks favoured by foreign institutions rise

* Dubai builder Arabtec jumps

* DXB Entertainments continues rebound after CEO news

* Qatar's Ezdan continues slide on delisting decision

* FTSE stocks drop before index rejig

By Andrew Torchia

DUBAI, May 30 (Reuters) - Most Gulf stock markets rose on Tuesday, with petrochemical shares pushing Saudi Arabia up, although Qatar dropped partly because of a fresh tumble by property firm Ezdan Holding.

The Saudi index gained 0.7 percent in thin trade as the biggest petrochemical producer, Saudi Basic Industries , rose 1.0 percent and Saudi Kayan added 3.1 percent.

Several other stocks favoured by foreign institutional investors also rose sharply. Food company Almarai climbed 2.9 percent and Banque Saudi Fransi surged 3.5 percent after its investment arm, Fransi Capital, said its Taleem real estate investment fund was heavily oversubscribed.

Dubai's index rose 0.7 percent in thin trade as builder Arabtec, the most heavily traded stock, jumped 4.0 percent.

Loss-making theme park operator DXB Entertainments climbed 2.3 percent, pulling further away from a two-year low hit on Sunday. Investors were still reacting positively to news that its chief executive Raed Kajoor al-Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. The company has not yet named a new CEO.

Qatar's index lost 0.5 percent as Ezdan, the most heavily traded stock, sank its 10 percent daily limit. It has plunged since the end of last week, when shareholders gave preliminary approval for the company to delist from the market.

The exchange said it had removed Ezdan from the QSE Index after Monday's close because of this decision, but the steep drop soured sentiment towards other stocks.

Meanwhile, international index compiler FTSE is expected to announce the results of its June review on Wednesday, with changes to its indexes effective after the close on June 16, investment bank VTB Capital said in a report.

VTB calculated that based on preliminary index weighting changes revealed last week, Qatari Investors Group (QIG) would see $6 million of fund outflows due to the changes and Ooredoo would see a $22 million outflow. QIG shares dropped 1.7 percent on Tuesday and Ooredoo slipped 0.9 percent.

HIGHLIGHTS

SAUDI ARABIA

* The index gained 0.7 percent to 6,871 points.

DUBAI

* The index rose 0.7 percent to 3,340 points.

ABU DHABI

* The index gained 0.2 percent to 4,502 points.

QATAR

* The index fell 0.5 percent to 10,064 points.

EGYPT

* The index rose 0.2 percent to 13,239 points.

KUWAIT

* The index added 1.0 percent to 6,727 points.

BAHRAIN

* The index edged up 0.1 percent to 1,320 points.

OMAN

* The index rose 0.3 percent to 5,402 points. (Editing by Mark Potter)

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