#Saudi bourse extends losses on weak earnings; ENBD lifts #Dubai | Reuters

Saudi bourse extends losses on weak earnings; ENBD lifts Dubai | Reuters

Saudi Arabia's stock market in the Gulf ended lower on Thursday, extending losses for a third session amid a slowdown in corporate earnings, while top lender Emirates NBD helped the Dubai index.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 1%, hit by a 1% fall in Al Rajhi Bank (1120.SE), opens new tab, while ACWA Power Company slid 2.7%.

ACWA Power on Tuesday reported annual profit ahead of analysts' estimates but missed on revenue.

Elsewhere, Saudi Basic Industries Corp (2010.SE), opens new tab closed 3.1% lower, extending losses from the previous session when it reported a slightly wider loss in the fourth quarter.

However, Company for Cooperative Insurance (8010.SE), opens new tab rose 1.8%, after the insurer met analysts' estimates.

Dubai's main share index (.DFMGI), opens new tab added 0.2%, helped by a 1.9% rise in Emirates NBD Bank (ENBD) (ENBD.DU), opens new tab.

Earlier this week, ENBD, Dubai's top lender, made a mandatory cash offer to buy Emirates Islamic Bank (EIB.DU), opens new tab at 11.95 dirhams ($3.25) per share.

In Abu Dhabi, the index (.FTFADGI), opens new tab fell 0.3%, pressured by a 1.2% fall in ADNOC Gas (ADNOCGAS.AD), opens new tab.

Separately, UAE investment platform 2PointZero is targeting a stock market listing in Abu Dhabi this year, CEO Mariam bint Mohammed Almheiri said on Wednesday.

However, oil prices rose more than 1% on Thursday as supply concerns resurfaced after U.S. President Donald Trump revoked a license granted to U.S. oil major Chevron (CVX.N), opens new tab to operate in Venezuela.

The Qatari index (.QSI), opens new tab slipped 0.5%, hit by a 2.1% fall in Qatar Islamic Bank (QISB.QA), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was down 0.1%, with Commercial International Bank (COMI.CA), opens new tab retreating 1.1%.

Meanwhile, Egypt will increase the minimum wage for public sector workers to 7,000 Egyptian pounds ($138.50) per month from July, aligning it with the private sector's minimum wage established in early February, Finance Minister Ahmed Kouchouk announced during a press conference on Wednesday.

Kuwait was closed for a public holiday.