PHOTO
* All 12 listed Saudi lenders climbed
* Petrochemical shares firmed as crude prices stabilised
* ADIB falls on flat Q3 net profit, FGB drops ahead of earnings
* Profit taking hits Dubai's DXBE
* EFG Hermes jumps on opening permanent U.S office
* Egypt's Juhayna Food gains on company's new strategy
By Celine Aswad
DUBAI, Oct 25 (Reuters) - Banking shares boosted Saudi Arabia's stock market on Tuesday while the majority of other Gulf markets sagged on uninspiring quarterly results.
Egypt recovered sightly, but investors remain anxious over dollar shortage woes.
The Saudi stock market index
.TASI
gained 1.5 percent, its fifth consecutive session of gains as all 12 of the listed lenders advanced. Bank Aljazira
1020.SE
was the top performer amongst its peers, jumping 6.5 percent. National Commercial Bank, the second largest by market value, gained 4.6 percent.
The banking sector has been the backbone of the stock market's recovery since the kingdom successfully conducted the largest emerging market international bond sale last week.
"The sector's third-quarter earnings were generally weak but also broadly in line with expectations, but the bond sale coupled with more stable oil prices are giving investors the necessary jolt to return to markets," said Muhammed Shabbir, an independent investment adviser.
Shabbir added that trading volumes have to continue rising for the rally to sustain.
The petrochemical sub-index
.TPISI
also firmed as Brent crude futures
LCOc1
held over $51.50 a barrel. Saudi Basic Industries
2010.se
rose 1.5 percent.
In Abu Dhabi, the index
.ADI
lost 0.6 percent as Abu Dhabi Islamic Bank
ADIB.AD
(ADIB) fell 0.5 percent after the lender reported nearly flat third-quarter net profit on Monday.
Profit came in at 508.9 million dirhams ($139 million), up 1.1 percent from a year ago; EFG Hermes had forecast 494.5 million dirhams.
ADIB booked credit provisions and impairment charges totalling 267.7 million dirhams in the third quarter, compared to 193.0 million dirhams in the year-ago period.
Peer First Gulf Bank
FGB.AD
, which is due to announce earnings on Wednesday, dropped 3.2 percent, its fourth session of declines.
In Dubai, the main stock index
.DFMGI
fell 0.7 percent, hit by a 3.0-percent fall for Mashreqbank
MASB.DU
, which had reported a decline in net profit earlier this week. Dubai Islamic Bank
DISB.DU
fell 0.3 percent, after reporting a 9.9 percent decline in net profit on Monday.
Profit taking on recent price gains dragged amusement park builder DXB Entertainments
DXBE.DU
1.8 percent lower. Its shares have actively trading this month ahead of the opening of its theme parks on Oct. 31.
In Doha, the index of the 20 most valuable shares
.QSI
closed down 0.02 percent in thin trade with losers outnumbering gainers 13-to-5. Commodities producer Industries Qatar
IQCD.QA
, extended its losses for a second day and fell 0.1 percent. On Monday the company reported a 28.9 percent drop in third-quarter net income.
Qatar International Islamic Bank
QIIB.QA
closed flat after reporting a 2.2 percent rise in third-quarter net profit to 223.3 million riyals ($61.3 million); QNB Financial Services had forecast 221.8 million riyals.
EGYPT UP, BUT CONCERN LOOMS
Cairo's index of the 30 most valuable shares
.EGX30
rebounded 0.4 percent, recovering some of Monday's 0.6 percent loss as EFG Hermes
HRHO.CA
gained 3.6 percent in active trade after the investment firm said it is expanding into the U.S. with a permanent New York office.
The company added that it has applied to register as a broker-dealer before the U.S Securities and Exchange Commission, the securities regulator.
Edita Food Industries
EFID.CA
jumped 6.9 percent; on Monday shares in the company swung in volatile trade after it said one of its subsidiaries had temporarily shut a factory after the government seized its store of sugar.
Equity investors, however remain concerned over Egypt's chronic dollar shortage, which has crippled the economy since 2011.
Juhayna Food
JUFO.CA
climbed 1.6 percent after the company said its total investment are likely to reach 500 million Egyptian pounds ($56.3 million) by year-end as it seeks to reduce import activity by locally sourcing raw materials and animal fodder, while focusing on completing all current projects and deferring start of any new projects.
TUESDAY'S HIGHLIGHTS
SAUDI ARABIA
* The index
.TASI
gained 1.5 percent to 5,882 points.
DUBAI
* The index
.DFMGI
lost 0.7 percent to 3,337 points.
ABU DHABI
* The index
.ADI
fell 0.6 percent to 4,264 points.
EGYPT
* The index
.EGX30
added 0.4 percent to 8,261 points.
QATAR
* The index
.QSI
fell 0.02 percent to 10,404 points.
KUWAIT
* The index
.KSWE
added 0.9 percent to 5,389 points.
OMAN
* The index
.MSI
declined 0.2 percent to 5,523 points.
BAHRAIN
* The index
.BAX
dropped 0.4 percent to 1,143 points. (Editing by Andrew Torchia and Larry King) ((celine.aswad@thomsonreuters.com; +971562247653; Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))
* Petrochemical shares firmed as crude prices stabilised
* ADIB falls on flat Q3 net profit, FGB drops ahead of earnings
* Profit taking hits Dubai's DXBE
* EFG Hermes jumps on opening permanent U.S office
* Egypt's Juhayna Food gains on company's new strategy
By Celine Aswad
DUBAI, Oct 25 (Reuters) - Banking shares boosted Saudi Arabia's stock market on Tuesday while the majority of other Gulf markets sagged on uninspiring quarterly results.
Egypt recovered sightly, but investors remain anxious over dollar shortage woes.
The Saudi stock market index
The banking sector has been the backbone of the stock market's recovery since the kingdom successfully conducted the largest emerging market international bond sale last week.
"The sector's third-quarter earnings were generally weak but also broadly in line with expectations, but the bond sale coupled with more stable oil prices are giving investors the necessary jolt to return to markets," said Muhammed Shabbir, an independent investment adviser.
Shabbir added that trading volumes have to continue rising for the rally to sustain.
The petrochemical sub-index
In Abu Dhabi, the index
Profit came in at 508.9 million dirhams ($139 million), up 1.1 percent from a year ago; EFG Hermes had forecast 494.5 million dirhams.
ADIB booked credit provisions and impairment charges totalling 267.7 million dirhams in the third quarter, compared to 193.0 million dirhams in the year-ago period.
Peer First Gulf Bank
In Dubai, the main stock index
Profit taking on recent price gains dragged amusement park builder DXB Entertainments
In Doha, the index of the 20 most valuable shares
Qatar International Islamic Bank
EGYPT UP, BUT CONCERN LOOMS
Cairo's index of the 30 most valuable shares
The company added that it has applied to register as a broker-dealer before the U.S Securities and Exchange Commission, the securities regulator.
Edita Food Industries
Equity investors, however remain concerned over Egypt's chronic dollar shortage, which has crippled the economy since 2011.
Juhayna Food
TUESDAY'S HIGHLIGHTS
SAUDI ARABIA
* The index
DUBAI
* The index
ABU DHABI
* The index
EGYPT
* The index
QATAR
* The index
KUWAIT
* The index
OMAN
* The index
BAHRAIN
* The index