Earnings aid Saudi, real estate hurts Egypt

* Riyad Bank hits 13-year high on Q1 earnings
* Saudi British Bank, Alawwal Bank gain on CMA nod
* Egypt Kuwait Holding slides on going ex-dividend
* Industries Qatar slides on weak Q1 profit

By Ateeq Shariff
April 23 (Reuters) - Saudi Arabia's stock market rose on
Tuesday, lifted by a slew of corporate announcements, while
Egypt's blue-chip index was pulled down by its real estate
Saudi Arabia's index added 0.4 percent, with Riyad
Bank climbing 3.6 percent to reach its highest since
May 2006. The lender posted a 44.7 percent increase in first
quarter net profit.
Saudi British Bank rose 1.3 percent after the
Capital Market Authority approved a request to increase its
capital to 20.55 billion riyals ($5.48 billion) from 15 billion
The lender will issue 554.8 million shares to Alawwal Bank
as part of a merger deal. Alawwal Bank was up 2.3
percent. Last month, the companies received regulatory approval
to proceed with a merger.
Saudi Arabia Fertilizers increased 3.2 percent
after the firm posted higher first quarter profit, helped by
lower costs.
On Monday, the Saudi exchange announced the listing of Al
Moammar Information Systems from Wednesday. The exchange is
offering 4.8 million shares of the company at a price of 45
riyals per share.
The Egyptian index dropped 1.1 percent, dragged
down by real estate stocks, while stock exchange data showed
that foreigners were net sellers of stocks during the session.
Egypt Kuwait Holding slipped 2.5 percent as the
stock traded ex-dividend and Oriental Weavers Carpet
declined a further 7 percent after going ex-dividend on Monday.
Pioneers Holding Co fell 2 percent. The firm and
its related groups increased their stake in Electro Cable Egypt
to around 68.1 percent from 48.5 percent.
Dubai's main index closed 0.4 percent lower, led by
a 2.2 percent drop in its largest listed developer Emaar
Properties and a 1.3 percent fall in Emirates NBD Bank
But Dubai Islamic Bank was up 1.2 percent after
posting a rise in its first quarter net profit. The
sharia-compliant lender also received approval from its board to
explore the possible acquisition of unlisted Noor Bank.
The Abu Dhabi index edged up 0.3 percent, with First
Abu Dhabi Bank rising 0.7 percent.
The lender has risen in the last few sessions after it
obtained regulatory approval to increase its foreign ownership
limit to 40 percent from 25 percent.
Qatar's blue-chip index slid 0.2 percent with market
heavyweight Industries Qatar falling 3.1 percent after
the firm's first quarter net profit almost halved, pressured by
weak demand for its products and constraints on pricing.

SAUDI ARABIA The index was up 0.4 pct at 9,228 points
ABU DHABI The index rose 0.3 pct to 5,405 points
DUBAI The index fell 0.4 pct to 2,811 points
QATAR The index lost 0.2 pct to 10,382 points
EGYPT The index dropped 1.1 pct to 14,646
BAHRAIN The index slid 0.3 pct to 1,438 points
OMAN The index slipped 0.5 pct to 3,958 points
KUWAIT The index was down 0.4 pct at 6,146

($1 = 3.7500 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Mark

First Published: 2019-04-23 10:27:41
Updated 2019-04-23 15:12:49

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