November 14, 2019 / 1:28 PM / a month ago

MIDEAST STOCKS-Financials lift UAE indexes, poor earnings weigh on Egypt

    * Emirates NBD lifts Dubai
    * Lender FAB supports Abu Dhabi
    * Telecom Egypt drops on lower Q3 Profit
    * Seven of 11 Saudi banks slip

    By Maqsood Alam 
    Nov 14 (Reuters) - Stock markets in the United Arab Emirates rose on
Thursday, lifted by banking shares, while a host of disappointing corporate
earnings weighed on Egypt's bourse.
    Egypt's blue-chip index was down 0.4% with foreigners net sellers,
according to Egyptian stock exchange data.
    Telecom Egypt fell 1.4% as a drop in third-quarter profit weighed
on the stock.
    Alexandria Mineral Oils fell 4.9%, down for a fourth consecutive
session. On Wednesday, the oil company reported an 87% plunge in first-quarter
profit
    Sidi Kerir Petrochemicals Company and Madinet Nasr For Housing And
Development lost 4.5% and 2.2% respectively after reporting lower
nine-month profit earlier this week.
    Dubai’s index closed 1.9% higher with its largest lender Emirates
NBD surging 5.9% after it sold shares in Network International
Holdings for 160 million pounds ($204.74 million).
    Dubai Islamic Bank added 1.5%.
    The Abu Dhabi index advanced 1.3% with First Abu Dhabi Bank
rising 2.9% and telecoms operator Etisalat gaining 0.4%.
    Qatar's index was up 0.8% with the Gulf's largest lender Qatar
National Bank and Qatar Fuel both increasing 1.9%.
    Saudi Arabia's index edged down 0.1% with seven of its 11 banks
falling.
    Banque Saudi Fransi lost 2.7%, while Saudi British Bank
dropped 2.1%.
    Taiba Investments slipped 1.9% as it traded ex-dividend.
    
 SAUDI ARABIA  The index         edged down 0.1% to 7,924 points
 ABU DHABI     The index        rose 1.3% to 5,138 points
 DUBAI         The index          rose 1.9% to 2,701 points
 QATAR         The index        was up 0.8% to 10,363 points
 EGYPT         The index          fell 0.4% to 14,546 points
 BAHRAIN       The index        was down 0.4 to 1,505 points
 OMAN          The index        was up 0.4% to 4,084 points
 KUWAIT        The index        edged down 0.2 to 6,254 points
 
 (Reporting by Maqsood Alam in Bengaluru; Editing by Kirsten Donovan)
  
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