Dubai rises on bank gains; other Gulf markets mixed

RIYADH: The Dubai stock market closed on a positive note on Wednesday helped by solid gains at Emirates NBD after the emirate's largest bank reported solid quarterly earnings, while  other markets were mixed.

The Dubai index climbed 0.6 percent, backed by a two percent rise in Emirates NBD shares after the bank announced a 30 percent increase in second-quarter net profit.

Boosted by a climb in net interest income and a drop in bad loan provisions, the bank made net profit of 2.63 billion dirhams ($716.1 million) in the three months to June 30, up from 2.02 billion dirhams in the corresponding period of 2017.

Property developer Emaar rose 1.0 percent and DAMAC Properties gained 1.4 percent.

Dubai Islamic Bank closed 0.4 percent down, reversing modest gains recorded earlier in the session after posting a 14.6 percent increase in second-quarter net profit as income from Islamic financing and investment grew.

In Saudi Arabia, the index was down 0.1 percent as investors held back from taking new positions until companies announce second quarter results.

Property developer Jabal Omar and petrochemical firm Tasnee lost three percent each.

Petrochemical giant SABIC added 0.8 percent and Riyad Bank jumped 2.2 percent.

The Abu Dhabi index rose 0.4 percent amid muted trading on a handful of shares.

First Abu Dhabi Bank reversed its earlier losses that neared 1.0 percent and closed 0.8 percent higher and Abu Dhabi Islamic Bank gained 0.3 percent.

In Qatar, the main index was flat with Qatar Islamic Bank  rising 1.2 percent while Qatar National Bank fell 1.2 percent.

Egypt's main index rose one percent, backed by solid gains in property shares.

Medinet Nasr Housing Development jumped 3.8 percent and Talaat Moustafa rose one percent.

SAUDI ARABIA

* The index was down 0.1 percent to 8,452 points.

DUBAI

* The index rose 0.6 percent to 2,932 points.

ABU DHABI

* The index rose 0.4 percent to 4,755 points.

QATAR

* The index was flat and closed at 9,448 points.

KUWAIT

* The index was flat and closed at 5,345 points.

BAHRAIN

* The index shed 0.5 percent to 1,351 points.

OMAN

* The index rose 0.3 percent to 4,457 points.

EGYPT

* The index jumped 1.0 percent to 15,579 points.