Financials lift UAE indexes

Poor earnings weigh on Egypt

DUBAI, Nov 14, (RTRS): Stock markets in the United Arab Emirates rose on Thursday, lifted by banking shares, while a host of disappointing corporate earnings weighed on Egypt’s bourse. Egypt’s blue-chip index was down 0.4% with foreigners net sellers,according to Egyptian stock exchange data.

Telecom Egypt fell 1.4% as a drop in third-quarter profit weighed on the stock. Alexandria Mineral Oils fell 4.9%, down for a fourth consecutive session.

On Wednesday, the oil company reported an 87% plunge in firstquarter profit Sidi Kerir Petrochemicals Company and Madinet Nasr For Housing And Development lost 4.5% and 2.2% respectively after reporting lower nine-month profit earlier this week.

Dubai’s index closed 1.9% higher with its largest lender EmiratesNBD surging 5.9% after it sold shares in Network International Holdings for 160 million pounds ($204.74 million). Dubai Islamic Bank added 1.5%.

The Abu Dhabi index advanced 1.3% with First Abu Dhabi Bank rising 2.9% and telecoms operator Etisalat gaining 0.4%. Qatar’s index was up 0.8% with the Gulf’s largest lender Qatar National Bank and Qatar Fuel both increasing 1.9%.

Saudi Arabia’s index edged down 0.1% with seven of its 11 banks falling. Banque Saudi Fransi lost 2.7%, while Saudi British Bank dropped 2.1%. Taiba Investments slipped 1.9% as it traded ex-dividend.

Saui Arabia The index edged down 0.1% to 7,924 points

Abu Dhabi

The index rose 1.3% to 5,138 points

Dubai

The index rose 1.9% to 2,701 points

Qatar

The index was up 0.8% to 10,363 points

Egypt

The index fell 0.4% to 14,546 points

Bahrain

The index was down 0.4 to 1,505 points

Oman

The index was up 0.4% to 4,084 points

Kuwait

The index edged down 0.2 to 6,254 points.