June 12, 2019 / 1:27 PM / 8 days ago

MIDEAST STOCKS-Saudi continues winning streak, other Gulf markets mixed

    * 11 of 12 Saudi banks rise
    * Saudi rises for a fifth day
    * Aldar gains on launch of new project
    * Dubai ends four-day winning streak
    * Palm Hills slides on lower Q1 profit

    By Ateeq Shariff
    June 12 (Reuters) - Saudi Arabia's stock market rose for a
fifth straight session on Wednesday as nearly all its banks
gained, while other major Middle Eastern markets were mixed.
    Saudi's index closed 1.1% higher with National
Commercial Bank, the country's largest lender, gaining
2.7% and Al Rajhi Bank adding 1%.
    The index has gained nearly 16% year-to-date, outperforming
its major Gulf peers in a rally led by foreign investors, who
have been net buyers of Saudi stocks every month this year.
    A third tranche of the FTSE Russell emerging market index
will kick in this month after Saudi stocks were included in two
tranches in March and April.
    Late last month, the Saudi equity market joined the MSCI
Emerging Market index, which is expected to trigger billions of
dollars of foreign fund inflows.
    The Abu Dhabi index added 0.4% with First Abu Dhabi
Bank, the United Arab Emirates' biggest lender,
increasing 0.8%.
    Aldar Properties was up 1.1% after saying that it
launched a new 1.7 billion dirhams ($463 million) residential
project.
    Qatar's index gained 0.4%, led by a 1.3% gain in
market heavyweight Industries Qatar. Commercial Bank
 rose 2.4% after a stock split of its shares taking
effect earlier this week.
    A 10-to-one stock split for companies on the exchange is
being phased in from June 9, aiming to boost liquidity by
encouraging smaller investors to buy shares.
    In Dubai, the index dipped 0.4% with Emaar
Properties, the emirate's largest listed developer,
shedding 0.9% and Dubai Investments losing 1.5%.
    Egypt's blue-chip index declined 0.3%, pressured by
its tobacco producer Eastern Company which was down
2.9%.
    Palm Hills Development fell 2.8% after on Tuesday
posting a 37% drop in its first-quarter profit.
    
 SAUDI ARABIA  The index         increased 1.1% to 9,085 points
 ABU DHABI     The index        rose 0.5% to 4,991 points
 DUBAI         The index          fell 0.4% to 2,664 points
 QATAR         The index        gained 0.4% to 10,622 points
 EGYPT         The index          declined 0.3% to 14,158
               points
 BAHRAIN       The index        edged up 0.1% to 1,451 points
 OMAN          The index        was down 0.5% at 3,962 points
 KUWAIT        The index        lost 0.6% to 6,456 points
 

($1 = 3.6728 UAE dirham)

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Hugh
Lawson)
  
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