Most major Gulf markets gain
Financials weigh on Qatar
DUBAI, Feb 6, (RTRS): Most major Gulf stock markets rose on Wednesday with Dubai leading gains on the back of its financial stocks, while Qatar was pulled down by its banking shares. Saudi Arabia’s index inched up 0.1 percent with bank Samba Financial Group rising 2 percent and petrochemical maker Saudi Basic Industries gaining 0.8 percent. Insurance provider United Cooperative Assurance Co climbed 6.3 percent after the Council of Cooperative Health Insurance renewed its licence for one year.
Saudi Investment Bank gained 1.4 percent. The firm appointed Faisal Bin Abdullah al-Omran as its Chief Executive on Tuesday. “Investor sentiment was bullish as the influx of foreign funds, uptick in oil prices and expansionary budget policies are all expected to support corporate earnings growth in 2019,” Marmore MENA Intelligence said in a note. Egypt’s bluechip index rose 0.2 percent for its tenth straight session of gains with Juhayna Food rising 4.4 percent.
The stock has gained nearly 9 percent after it said last week that its fullyear profit more than doubled. The country’s biggest lender Commercial International Bank rose 0.3 percent.
The bank reported a fourth-quarter net profit after minority interest of 2.56 billion Egyptian pounds ($145.70 million) compared to 1.87 billion pounds a year ago. In Dubai, the index was up 0.6 percent helped by a2 percent rise in Emirates NBD.
Dubai’s largest bank has called for a shareholders’ meeting on Feb. 20 to discuss the issuance of multibillion dirham non-convertible securities. Emaar Malls, which has shed more than 16 percent so far this year, recouped some losses, gaining 2.7 percent,while DAMAC Properties climbed 3.2 percent after HSBC raised its rating to ‘hold’ from ‘reduce’.
Qatar’s index was down 0.3 percent with most of its banks slipping. Telecommunications firm Ooredoo fell3.9 percent in active trade. The Abu Dhabi index edged up 0.1 percent with Emirates Telecommunications Group adding 0.5 percent,and Abu Dhabi National Hotels surging 5.8 percent after proposing a higher dividend for 2018.