November 7, 2019 / 8:19 AM / 10 days ago

MIDEAST STOCKS-Banks bolster Saudi index; other major Gulf markets dip

Nov 7 (Reuters) - Saudi Arabia’s stock market rose on Thursday, buoyed by banking shares and corporate earnings, while other major Gulf markets were subdued.

Saudi Arabia’s benchmark index was up 0.6%, with Al Rajhi Bank increasing 1% and Saudi Basic Industries adding 1.1%.

Middle East Healthcare jumped 8.2% after it posted a sharp rise in third-quarter net profit attributed to a decrease in general and administrative expenses.

National Medical Care advanced 2.6%, following a surge of more than 45% in third-quarter net profit.

In Qatar, the index slipped 0.2%, led by a fall of 0.9% in Qatar National Bank and a drop of 1.5% in Mesaieed Petrochemical.

The Dubai index edged down 0.1%, as Emirates NBD Bank dropped 1.8% and Emaar Malls was down 1%.

However, Dubai Financial Market gained 1.2%, as it reported third-quarter net profit of 30.4 million dirhams ($8.28 million), up from 20.9 million a year earlier.

In Abu Dhabi, the index also opened down 0.1%, with telecoms firm Etisalat shedding 0.4%, while Abu Dhabi National Energy Company plunged 5.8%.

On Wednesday, the energy firm posted third-quarter net loss of 16 million dirhams, versus a profit of 153 million a year ago. ($1=3.6728 UAE dirham) (Reporting by Shamsuddin Mohd in Bengaluru)

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