November 19, 2019 / 1:18 PM / 17 days ago

MIDEAST STOCKS-Abu Dhabi outperforms as major Gulf markets rise

    * Financials strong in Abu Dhabi
    * Al Kathiri continues to soar on main market
    * Air Arabia gains on order
    * Arabtec rises after unit wins contract

    By Ateeq Shariff
    Nov 19 (Reuters) - Abu Dhabi stocks outperformed other Gulf
markets on Tuesday, led by financial-services and telecoms
shares, while Egypt was hit by sell-off among blue chips.
    The Abu Dhabi index advanced 0.8%, led by a 1.7% gain
by Emirates Telecommunications and a 0.7% rise in
the United Arab Emirates' largest bank, First Abu Dhabi Bank
.
    International Holding jumped 4.8%. After the market
closed, the aquaculture company said that it was calling off an
acquisition of SHUAA Capital International. 
    Saudi Arabia's benchmark index extended gains for a
third day, to end 0.6% higher.
    The kingdom's largest petrochemical maker, Saudi Basic
Industries, rose 2.4%. Savola Group was up
3.2%.
    Among other stocks, Al Kathiri Holding soared
9.9%, to become the top gainer on the index. The shares were
moved to the main market on Nov. 3, and since then have risen
over 86%.
    The Dubai index closed up 0.7%. Emaar Properties
 gained 1.7%; Emirates NBD was up 0.4%.
    Air Arabia added 1.5%, a day after the budget
airliner announced an order for 120 Airbus A320neo-family jets
in a deal worth about $14 billion.
    The contractor Arabtec Holding gained 3.5% after
seeing its biggest fall in six months the day before on
third-quarter losses.
    On Tuesday, its unit Arabtec Construction won a 366
million-dirham ($99.65 million) construction contract in Egypt.
    After trading hours, Dubai Islamic Bank called s
board meeting on Nov. 25 to discuss acquisition of Noor Bank.
The sharia-compliant lender was down 0.4%.
    The Qatari index rose 0.4% with Qatar Islamic Bank
 and Masraf Al Rayan rising 1.3% and 0.8%
respectively.
    Outside the Gulf, Egypt's blue-chip index traded in
the red for the second day. The index was down 0.5% with
Commercial International bank losing 0.3% and El
Sewedy Electric dropping 1.8%.
    Exchange data on Tuesday showed Egyptian and Arab investors
were net sellers of Egyptian stocks.   
    
 SAUDI ARABIA  The index         rose 0.6% to 8,045 points
 ABU DHABI     The index        was up 0.8% to 5,087 points
 DUBAI         The index          gained 0.7% to 2,701 points
 QATAR         The index        added 0.4% to 10,340 points
 EGYPT         The index          down 0.5% to 14,313 points
 BAHRAIN       The index        was up 0.3% at 1,507 points
 OMAN          The index        was flat at 4,087 points
 KUWAIT        The index        increased 0.5% to 6,309 points
 

($1 = 3.6727 UAE dirham)

 (Reporting by Ateeq Shariff in Bengaluru)
  
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