October 24, 2019 / 1:34 PM / a month ago

MIDEAST STOCKS-Financial stocks elevate Egypt, most of Gulf quiet

    * All but one financial stocks gain in Egypt
    * Bank Aljazira, Zahrat Al Waha up on Q3 earnings
    * FAB's Q3 profit in line with analysts' estimates
    * Qatar snaps four day losing streak

    By Ateeq Shariff
    Oct 24 (Reuters) - The Egyptian stock market rebounded on
Thursday, getting a boost from financials, while most major Gulf
markets were little changed.
    The Egyptian blue-chip index rose 0.6%, with 23 of
its 30 stocks in the black. Non-Arab foreigners were the net
buyers of the stocks during the session, while Egyptians were
the net sellers, according to data on the exchange website.
    Tobacco products maker Eastern Company climbed
2.8%, while EFG Hermes leapt 3.1%.
    Among other stocks, Egypt's Citadel Capital
climbed 3.8%. Earlier this week, the company's chairman told
Reuters that Citadel will raise its refinery production capacity
to 5.5 million tonnes of oil products per year in 2021 from 4.2
million now.
    In Saudi Arabia, the benchmark index was up 0.3%,
with Saudi British Bank advancing 2% and Bank Al
Jazira ending 0.9% higher.
     On Wednesday, the latter reported a near 4% rise in
third-quarter net profit, underpinned by a jump in operating
income. 
    Shares of National Commercial Bank, the kingdom's
largest lender, were little changed even as it posted a
quarterly net profit of 2.55 billion riyals, up 20% compared
with the same period last year.
    Zahrat Al Waha For Trading firmed 4.1%, its
biggest percentage jump since July, after it reported a rise in
third-quarter net profit. 
    In Abu Dhabi, the benchmark index added 0.2%,
extending gains to a fourth straight session, with First Abu
Dhabi Bank (FAB) strengthening 0.8%.
    Post trading hours, United Arab Emirates' largest lender 
reported a 3% rise in third-quarter profit, broadly in line with
 analysts' estimates.
    The Qatari index reversed course to close 0.2%
higher, snapping a four-day losing streak, supported by gains in
blue-chip stocks. 
    Gulf's largest lender Qatar National Bank was up
0.6%, while Qatar Fuel rose 1.2%.
    Dubai's benchmark index edged up 0.1%, with
blue-chip developer Emaar Properties and its unit
Emaar Malls gaining 1.1% and 1%, respectively.
    
 SAUDI ARABIA  The index         rose 0.3% to 7,913 points
 ABU DHABI     The index        added 0.2% to 5,163 points
 DUBAI         The index          edged up 0.1% to 2,784 points
 QATAR         The index        gained 0.2% to 10,378 points
 EGYPT         The index          up 0.6% to 14,207 points
 BAHRAIN       The index        was up 0.1% at 1,526 points
 OMAN          The index        slipped 0.2% to 3,990 points
 KUWAIT        The index        was flat at 6,285 points
 
($1 = 3.7504 riyals)

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Aditya
Soni)
  
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