Lender FAB buoys Abu Dhabi index; Qatar dips | Reuters
Most stock markets in the Gulf rose in early trade on Thursday, with the Abu Dhabi index leading the gains, boosted by a rise in the country's largest lender, First Abu Dhabi Bank (FAB.AD).
In Abu Dhabi, the index (.FTFADGI) advanced 1.1%, buoyed by a 1.2% gain in First Abu Dhabi Bank (FAB), which reported its highest quarterly net profit, helped by the sale of a majority stake in its payments business. read more
Total quarterly income of 7.3 billion dirhams ($1.99 billion) includes a net gain of 2.8 billion from the Magnati stake sale, up from 4.4 billion dirhams, a stock market filing showed.
Saudi Arabia's benchmark index (.TASI) added 0.2%, helped by a rise of 1.6% in Saudi National Bank (1180.SE).
On Wednesday, the kingdom's biggest lender reported quarterly net profit of 4.50 billion riyals ($1.20 billion), up from 3.41 billion a year earlier.
Elsewhere, oil giant Saudi Aramco (2222.SE) gained 0.8%, on course to extend gains for a second session.
Ratings agency Fitch this week revised its outlook for Aramco to "positive" from "stable", citing a similar action on the country thanks to higher oil revenues. read more
In Qatar, the index (.QSI) dropped 0.3%, hit by a slide of 4.5% in sharia-compliant lender Masraf Al Rayan (MARK.QA), following a decline in first-quarter net profit.
However the index's losses were limited by gains at Gulf International Services (GISS.QA), which jumped 10%, as it swung to profit in the first quarter.
Dubai's main share index (.DFMGI) rose 0.5%, with blue-chip developer Emaar Properties (EMAR.DU) putting on 1%.
The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has hired banks for a potential dual listing in Saudi Arabia and the United Arab Emirates, Reuters reported on Wednesday, citing a source with knowledge of the matter. read more
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