SAUDI ARABIA rose 0.9% to 11,393
ABU DHABI fell 0.6% to 9,700
DUBAI down 0.1% to 3,569
QATAR gained 0.1% to 10,742
EGYPT lost 1.3% to 17,271
BAHRAIN was up 0.1% to 1,937
OMAN added 0.3% to 4,667
KUWAIT eased 0.2% to 7,671
($1 = 3.7501 riyals)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Krishna
Chandra Eluri)
By Ateeq Shariff
May 11 (Reuters) - Saudi Arabia's stock market ended
higher on Thursday after a set of strong earnings from major
firms, while most other markets were in negative territory as
oil prices turned red.
Saudi Arabia's benchmark index finished 0.9% higher,
buoyed by a 4.1% rise in Riyad Bank while Etihad
Etisalat Company jumped 4.5%.
The telecom firm reported quarterly net profit after zakat
and tax 465 million riyals ($124 million), up from 319 million
riyals year ago.
Elsewhere, Savola Group concluded 4.7% higher,
following a rise in quarterly earnings.
The main index could maintain its uptrend and extend gains
in particular if oil prices are able to rebound more strongly,
said Ahmed Negm, Head of Market Research MENA at XS.com.
Dubai's main share index eased 0.1%, with
sharia-compliant lender Dubai Islamic Bank retreating
1.1%.
In Abu Dhabi, the index closed 0.6% lower, with
conglomerate International Holding losing 0.3% as the
firm is slated to report its first-quarter earnings.
Oil prices - a key catalyst for the Gulf's financial markets
- erased earlier gains during U.S. trading hours as a political
standoff about the U.S. debt ceiling overshadowed a G7 finance
leaders' meeting, raising jitters about a possible recession in
the world's biggest oil consumer.
Outside the Gulf, Egypt's blue-chip index declined
1.3%, as most of the stocks on the index were in neagtive
territory including top lender Commercial international Bank , which was down 1.1%.
The Egyptian bourse slid as it failed to move beyond this
year's peak, said Negm.
"At the same time, international investors continue their
selling trend in the face of a potential pound devaluation in
the medium term and as the country is faced with a possible
deterioration in credit rating."
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