Earnings lift Abu Dhabi index to three-month high; Egypt slips after recent run

A trader looks at an electronic board showing Bahrain Exchange stock market data after Joe Biden won the U.S. presidency in Manama, Bahrain, on November 8, 2020. REUTERS/Hamad I Mohammed

Aug 8 (Reuters) – Abu Dhabi outperformed other Gulf stocks on Monday, boosted by strong corporate earnings, while Egyptian stocks retreated as investors locked in recent gains.

Abu Dhabi Index’s second-quarter earnings report ahead of schedule.

Among other winners, Abu Dhabi National Oil Co For Distribution (ADNOCDIST.AD) Shares rose 1.9 percent after reported quarterly profit of 891.2 million dirhams ($243 million), up from 521.4 million dirhams a year ago.

Dubai’s main stock index (.DFMGI) Close up 1% on Shariah-compliant lender Dubai Islamic Bank (DISB.DU) Up 1.7%, Dubai Investments (DINV.YOU) rose 5.6%.

This year, high oil prices and increased production have been a boon for the United Arab Emirates’ economy, while its recovery from the COVID-19 pandemic continues.

The government’s net operating surplus more than doubled in the first quarter as oil prices boosted public revenue, data from the UAE’s finance ministry showed on Monday.

Saudi Arabia Benchmark Index (.one) rose 0.7%, led by a 2.5% rise by the Saudi Bank of France (1050.SE).

Qatar Benchmark (.QSI) Up 1.4%, most stocks in the index were in positive territory, including petrochemical maker Industries Qatar (IQCD.QA)an increase of 1.2%.

On Sunday, Qatar Industries reported a net profit of 5.4 billion riyals ($1.47 billion) in the first half of 2022, up 57 percent from the first half of 2021.

Beyond the Gulf, Egypt’s Blue Chip Index (.EGX30) It fell 0.8%, snapping four sessions of gains.

Traders said they had been looking for gains after last week’s strong performance.

(1 USD = 3.6729 UAE Dirham)

(1 USD = 3.6754 Qatari Riyals)

Reporting by Ateeq Shariff in Bengaluru; Editing by Alexander Smith

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