January 14, 2019 / 1:48 PM / 2 days ago

MIDEAST STOCKS-Global woes hurt Egypt, weak oil pushes down Saudi

    * Saudi snaps 7-day winning streak
    * 28 of 33 Saudi insurance firms decline
    * Abu Dhabi rises for fourth day
    * Dubai's property firms lead slide 
    * Egypt's Global Telecom continues to slide on loan
conversion

    By Shakeel Ahmad
    Jan 14 (Reuters) - Egypt's blue-chip index fell sharply on
Monday, weighed down by financial shares, mirroring a slide in
global stocks amid fears of a slowdown in global growth, while
Saudi Arabia snapped a seven-day winning streak as its
petrochemicals were pulled down by sliding oil prices. 
    Egypt's blue-chip index fell 1.4 percent with 23 of
its 30 stocks declining. 
    The country's biggest lender Commercial International Bank
 retreated 1.4 percent, while the top loser, Global
Telecom, shed 6 percent, having lost nearly 5 percent
in the last session after announcing its plan to convert
outstanding shareholder loans of $370.6 million plus accrued
interest into equity.
    Heliopolis Co For Housing And Development dropped
2 percent in active trading. The company said its board approved
the sale of its stake in Nasr Real Estate Development. 
    Saudi Arabia's index edged down 0.3 percent, with
top petrochemical producer Saudi Basic Industries
dropping 1.1 percent and Saudi British Bank losing 1.2
percent.
    Saudi exchange data released on Sunday showed foreigners
were net buyers of 1.03 billion riyals ($274.60 million) of
stocks last week, up from the 134.3 million riyals of stocks
foreigners bought the week before.
    Insurance firms also fell as decliners outnumbered gainers
by 28 to 5 stocks, with the index's biggest loser Saudi Enaya
Cooperative Insurance slumping 7.1 percent.
    But Riyad Bank added 0.7 percent. The company has
picked Goldman Sachs to advise on its merger talks with
National Commercial Bank (NCB), Reuters reported,
citing sources familiar with the matter. NCB edged up 0.2
percent.
    Dallah Healthcare gained 3.8 percent after the
Capital Market Authority approved its request to increase
capital through bonus shares.
    The Abu Dhabi index gained for a fourth straight day,
rising 0.6 percent. United Arab Emirates' largest lender First
Abu Dhabi Bank increased 1.7 percent. 
    The bank said on Monday it had agreed to provide a 1.6
billion dirham ($436 million) loan to Abu Dhabi National Hotels
 for the acquisition of a number of Dubai-based hotels.

    In Dubai, the index was down 0.4 percent as all but
one of its real estate shares dropped.
    The emirate's largest listed developer, Emaar Properties
, slipped 2 percent, while DAMAC Properties
lost 4 percent. 
    Qatar's index was up 0.2 percent with Middle East's
largest lender Qatar National Bank gaining 0.8 percent
and telecommunications firm Ooredoo adding 1.9
percent. 
    In Oman, the index edged up 0.1 percent, with Raysut
Cement soaring 9.2 percent after reporting a higher
annual revenue.
 SAUDI ARABIA  The index         was down 0.3 pct to 8,271 points
 DUBAI         The index          was down 0.4 pct to 2,527 points
 QATAR         The index        was up 0.2 pct at 10,672 points
 ABU DHABI     The index        added 0.6 pct to 4,999 points
 EGYPT         The index          lost 1.4 pct to 13,336 points
 KUWAIT        The index        was flat at 5,471 points
 OMAN          The index        edged up 0.1 pct to 4,309 points
 BAHRAIN       The index        was down 0.1 pct at 1,344 points
 


($1 = 3.7509 riyals)

 (Reporting by Shakeel Ahmad in Bengaluru, editing by Louise
Heavens)
  
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