June 17, 2019 / 1:24 PM / 3 months ago

MIDEAST STOCKS-Saudi snaps losing streak, other Gulf markets mixed

    * NCB, Riyad Bank gain after JP Morgan raised TP
    * Elsewedy gains on acquisition of energy assets
    * Financial stocks weigh on Abu Dhabi
    * 16 of 20 stocks on Qatar's index slide
    * Dubai's Salama rises after electing chairman

    By Ateeq Shariff
    June 17 (Reuters) - The Saudi market rose moderately on
Monday, recovering some losses from previous sessions with most
of its stocks gaining. Other indexes in the Gulf were mixed with
Abu Dhabi and Qatar extending losses following last week’s oil
tanker attacks.
    The United States blamed Iran for attacks on two tankers in
the Gulf of Oman on Thursday raising fears of a new U.S.-Iranian
confrontation. Tehran denied the allegation.
    Saudi Crown Prince Mohammed bin Salman on Saturday urged the
international community to take a "decisive stand" but said
Riyadh does not want a war.
    The Saudi index rose 1% with Saudi Arabian Mining Co
 gaining 3.9% and Dar Al Arkan Real Estate Development
Company jumping 6.2%.
    National Commercial Bank (NCB) and Riyad Bank
 added 1% and 1.3% respectively after JP Morgan raised
their target prices.
    In Egypt, the index increased 0.2 percent with
Commercial International Bank closing 1.1% higher and
Elsewedy Electric was up 2.4%.
    The latter on Sunday acquired a portfolio of renewable
energy assets in Greece for a total consideration of 55 million
euros.
    The Abu Dhabi index extended its losses for the third
straight session mainly pressured by its financial stocks. A
0.8% slide in First Abu Dhabi Bank, and a 2.7% drop in
Abu Dhabi Commercial Bank pushed the index down by
1.1%.
    Emirates Telecommunications (Etisalat) was down
1.2%.
    A prospectus published on Saturday by the bourse regulator
AMMC showed that the Moroccan government is selling 8% stake in
Maroc Telecom, in which Etisalat owns 53%, to local
investors.
    Analysts see the stake sale to local institutional investors
as a way to prevent Etisalat further increasing its stake.

    Qatar's index declined 0.9 percent with market
heavyweight Industries Qatar dropping 2.1% and
Commercial Bank losing 3.1%.
    In Dubai, the index traded flat with telecom
operator Emirates Integrated Telecommunications gaining
1%. The company said on Sunday the United Arab Emirates'
sovereign wealth fund, Emirates Investment Authority, had
increased its stake by buying 463.3 million shares from Mamoura
Diversified Global Holding and General Investments.
    Islamic Arab Insurance (Salama) surged 3.9%. On
Monday, the board elected Jassim Alseddiqi as chairman. 
    
 SAUDI ARABIA  The index         rose 1% to 8,976 points
 ABU DHABI     The index        slid 1.1% to 4,901 points
 DUBAI         The index          was flat at 2,614 points
 QATAR         The index        lost 0.9% to 10,390 points
 EGYPT         The index          added 0.2% to 14,241 points
 BAHRAIN       The index        was flat at 1,450 points
 OMAN          The index        was up 0.1% at 3,919 points
 KUWAIT        The index        edged up 0.1% to 6,356 points
 
 (Reporting by Ateeq Shariff in Bengaluru; Editing by Toby
Chopra)
  
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