Qatar, Saudi stocks rebound

Emaar, Emirates NBD drag Dubai

DUBAI, Aug 14, (RTRS): Qatar and Saudi stocks rose modestly on Tuesday, recouping part of recent losses - notably among banks - as concerns about contagion from sharp declines in the Turkish lira eased.

As the lira stabilised, Qatar stocks ended 0.9 percent higher, helped by a 1.5 percent rebound in Qatar National Bank from sharp falls in the past two days. It has a Turkish subsidiary, QNB Finansbank.

Saudi Arabia’s stock index climbed 0.3 percent, with its biggest bank, National Commercial Bank, rising 0.7 percent. Arqaam Capital estimated NCB’s exposure to Turkey at 8 percent of its assets and 12 percent of its loans.

Dubai’s stock index ended slightly lower as its top bank, Emirates reversed earlier gains to end 1.9 percent lower. The bank, which in May agreed to buy Turkey’s Denizbank in a $3.2 billion deal, had tumbled 4.6 percent on Monday.

Loss-making builder Drake & Scull jumped 1.3 percent from a record low and was the market’s most heavily traded stock. It appointed Yousef Al Mulla as chief executive, replacing Fadi Feghali who took over only in April, and said it was devising a fresh restructuring plan.

Emaar Properties gave up early gains to end 0.4 percent lower. Dubai’s biggest property firm reported a 16 percent year-on-year rise in second-quarter net profit on a 55 percent leap in revenues.

DAMAC Properties lost 0.5 percent after its second-quarter profit from continuing operations fell 46 percent. It was confident of its financial position despite registering its worst quarter for booked sales since going public five years ago, its chief financial officer said.

Saudi Arabia

The index rose 0.3 percent to 7,893 points.

Dubai

The index fell 0.2 percent to 2,841 points.

Abu dhabi

The index rose 0.6 percent to 4,830 points.

Qatar

The index rose 0.9 percent to 9,639 points.

Kuwait

The index was flat at 5,378 points.

Bahrain

The index fell 0.4 percent to 1,341 points.

Oman

* The index went down 0.2 percent to 4,373 points.

Egypt

The index fell 1.1 percent to 15,356 points.