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Property shares weigh on Egypt; other Gulf markets mixed

Property shares weigh on Egypt; other Gulf markets mixed

Most Gulf stock markets moved marginally amid falling oil prices on Wednesday, while Egypt’s blue-chip index declined, led by property shares.

Oil prices slipped towards $59 a barrel on data showing a bigger-than-expected rise in U.S. crude stocks, while the prospect of deeper output cuts by OPEC and its allies offered support.

Saudi Arabia's index extended gains from the previous session to close 0.2% up. Al Rajhi Bank gained 0.7%, while Alinma Bank rose a further 1.3%.

On Tuesday, Alinma reported a rise in third-quarter profit to 713 million riyals ($190.10 million) compared to 637 million a year earlier.

However, gains were capped by losses in petrochemical stocks.

Sahara International Petrochemical (Sipchem) slid 2.8% following a more than 38% plunge in third-quarter net profit. The petrochemical maker said it was due to a decrease in selling prices for most of the products.

Egypt's blue-chip index decreased 0.5%, with most stocks on the index falling. Property stock Talaat Mostafa lost 1.7% and El Sewedy Electric was down 1.5%. Among other stocks, developer Madinet Nasr also decreased 1.9%.

Egypt's non-oil private sector contracted for the second consecutive month in September, according to the IHS Markit Egypt Purchasing Managers' Index (PMI).

In Dubai, the index closed 0.3% down with Emaar Properties shedding 1.1% and Dubai Islamic Bank
falling 0.6%.

Deyaar Development retreated 3%, a day after it surged over 10% on a future prospect. The developer on Monday reported accumulated losses of 1.51 billion dirhams ($411.13 million) but said it would continue to launch quality projects and wanted to diversify income resources through property and facilities management services.

The Abu Dhabi Index added 0.3%, extending gains for a third straight session, with First Abu Dhabi Bank and Aldar Properties gaining 0.4% and 1.8% respectively.

Qatar's index dipped 0.2%, extending losses for a fifth straight session, as Qatar Fuel declined 1.6% and Mesaieed Petrochemical ended 2.2% lower. But Commercial Bank edged up 0.2% after it reported a rise in nine-month profit to 1.50 billion riyals ($412.09 million) compared to 1.35 billion riyals a year earlier.

SAUDI ARABIA      The index rose 0.2% to 7,887 points
ABU DHABI           The index gained 0.3% to 5,152 points
DUBAI                  The index slipped 0.3% to 2,780 points
QATAR                  The index was down 0.2% at 10,355 points
EGYPT                  The index down 0.5% to 14,127 points
BAHRAIN              The index was flat at 1,525 points
OMAN                  The index dropped 0.3% to 3,996 points
KUWAIT               The index was down 0.2% at 6,283 points

Source: Reuters

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