November 20, 2019 / 1:09 PM / 3 months ago

MIDEAST STOCKS-Gulf markets edge up while Egypt extends losses

    * Air Arabia rallies on Airbus deal
    * IHC sees biggest gain in a month
    * Arabian Centres rises on Islamic facilities

    By Ateeq Shariff
    Nov 20 (Reuters) - Bank stocks helped support markets in the
United Arab Emirates on Wednesday, while Egypt's blue-chip index
extended losses for a third straight session.
    Dubai's index edged up 0.1% supported by Emirates
NBD and Emaar Malls, which were up 0.4% and
1.6% respectively.
    Air Arabia closed up 1.4%, stretching its winning
streak to a third day. On Monday, the budget airline announced
an order for 120 Airbus A320neo-family jets in a deal worth
about $14 billion.
    However, the market's gains were capped by losses at real
estate sector with Arabtec Holding falling 4.7%, the
biggest loser on the index. On Friday, the contractor swung to a
third-quarter loss, compared with a profit a year earlier.
    In Abu Dhabi, the index was also up 0.1% with First
Abu Dhabi Bank adding 0.3% and International Holding
Company(IHC) soaring 8.9%, its biggest intraday gain
since mid-October.
    On Tuesday, IHC called off an acquisition of SHUAA Capital
    Outside the Gulf, Egypt's blue-chip index lost
    The country's largest lender, Commercial International Bank,
 dropped 1.6% and Madinet Nasr was down 2.2%.
    However, the index received some support from Eastern
Company which rose 0.9%.
    Saudi's benchmark index rose marginally to close up
0.1% as Saudi Basic Industries gained 0.7% and Savola
Group climbed 3%.
    Arabian Centres advanced 2%. The Saudi mall
operator obtained $1.4 billion in sharia-compliant financing
facilities with a syndicate of banks.
    The Qatari index traded flat with financial shares
and petrochemical stocks moving sideways.
    Qatar International Islamic Bank slid 3.2%, while
Mesaieed Petrochemical gained 1.2%.
 SAUDI ARABIA  The index         inched up 0.1% to 8,054 points
 ABU DHABI     The index        added 0.1% to 5,093 points
 DUBAI         The index          edged up 0.1% to 2,704 points
 QATAR         The index        was flat at 10,337 points
 EGYPT         The index          down 0.6% to 14,224 points
 BAHRAIN       The index        increased 0.2% to 1,509 points
 OMAN          The index        traded flat at 4,086 points
 KUWAIT        The index        was up 0.2% at 6,546 points
 (Reporting by Ateeq Shariff in Bengaluru; Editing by Pravin
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