April 1, 2019 / 1:28 PM / 4 months ago

MIDEAST STOCKS-Dubai hits 4-month high, top lender elevates Egypt

    * Emirates NBD hits highest level since May 2018
    * El Sewedy gains after government contract
    * Saudi hovers around 4-year high
    * Saudi insurers CHUBB, Al Sagr climb on FY results

    By Ateeq Shariff
    April 1 (Reuters) - Dubai's stock market hit a four-month
high on Monday, partly lifted by its largest lender Emirates NBD
 as one of its businesses prepares to list on the
London Stock Exchange, while Egypt was boosted by its top lender
Commercial International Bank.
    The Dubai index rose 2.4 percent with Emirates NBD
climbing 4.5 percent to a 10-month high.
    Payments processor Network International said shares in its
Initial Public Offering (IPO) would be priced at between 395
pence and 465 pence each, implying a valuation of between 1.9
billion pounds and 2.3 billion pounds ($2.5-3.0 billion).
 
    Emirates NBD is the major shareholder in the firm, holding
about 51 percent. The IPO will comprise the secondary sale of
shares by Emirates and WP/GA Dubai IV B.V.
    Emaar Properties, Dubai's largest
listed-developer, rose 4 percent and Dubai Financial Market
 gained 6 percent in active trade.
    The latter signed a memorandum of understanding with
National Bonds Corp (NBC) to establish efficient trading of
NBC's sharia-compliant savings bonds through its brokerage
firms.
    The Egyptian blue-chip index rose 1.5 percent with
Commercial International Bank increasing 5.3 percent.
    El Sewedy Electric closed 4.1 percent higher. The
company said its consortium with Mitsubishi Hitachi Power
Systems was awarded a contract worth about $550 million from the
Sharjah Electricity And Water Authority. 
    The Saudi index continued its winning streak for the
sixth straight session, gaining 0.9 percent, to reach its
highest level since August 2015.
    Al Rajhi Bank added 1.9 percent and National
Commercial Bank, the country's largest lender, rose
1.8 percent.
    CHUBB Arabia Cooperative Insurance added 4.4
percent after posting a jump in its full-year net profit and
gross written premiums.
    Al Sagr Cooperative Insurance was also up 0.9
percent after reporting a rise in its full-year net profit.
    In Qatar, the index added 0.5 percent with Commercial
Bank adding 4.4 percent, reaching its highest level in
nearly three and a half year. On March 20, the lender's
shareholders approved the split of par value of its shares to be
one riyal instead of 10 riyals.
    Qatar Fuel and Mesaieed Petrochemical Holding
 are now eligible for MSCI's emerging market index
inclusion in May, which is expected to result in passive inflows
of $240 million and $230 million respectively, Arqaam Capital
said.
    Mesaieed closed 1.4 percent higher while Qatar Fuel traded
flat.
    Abu Dhabi's index slid 0.4 percent with the country's
largest lender First Abu Dhabi Bank declining 0.5
percent and Abu Dhabi Commercial Bank was down 0.8
percent for the third session after it traded ex-dividend on
Thursday.
    
 SAUDI ARABIA  The index         rose 0.9 pct to 8,897 points
 ABU DHABI     The index        fell 0.4 pct to 5,055 points
 DUBAI         The index          jumped 2.4 pct to 2,697 points
 QATAR         The index        added 0.5 pct to 10,155 points
 EGYPT         The index          was up 1.5 pct at 14,954 points
 KUWAIT        The index        gained 0.3 pct to 6,003 points
 OMAN          The index        dropped 0.6 pct to 3,961 points
 BAHRAIN       The index        slid 0.9 pct to 1,400 points
 

($1 = 3.7503 riyals)

 (Reporting by Ateeq Shariff in Bengaluru, editing by Ed Osmond)
  
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