Lenders FAB lifts Abu Dhabi index; Qatar falls

An investor monitors a screen showing stock information at the Abu Dhabi Stock Exchange on June 25, 2014.

April 28 (Reuters) – Most Gulf stock markets rose in early trade on Thursday, led by an Abu Dhabi index, boosted by gains in First Abu Dhabi Bank, the country’s largest lender (FAB.AD).

In Abu Dhabi, the index (.FTFADGI) Up 1.1%, First Abu Dhabi Bank (FAB), helped by the sale of a majority stake in its payments business, rose 1.2% as the bank posted its highest quarterly net profit. read more

Total quarterly revenue was 7.3 billion dirhams ($1.99 billion), including a 2.8 billion dirham net gain from the sale of a stake in Magnati, up from 4.4 billion dirhams, a stock market filing showed.

Saudi Arabia Benchmark Index (.one) Gained 0.2%, helped by a 1.6% rise by the National Bank of Saudi Arabia (1180.SE).

On Wednesday, Saudi Arabia’s largest bank reported quarterly net profit of 4.5 billion riyals ($1.2 billion), up from 3.41 billion a year earlier.

Elsewhere, oil giant Saudi Aramco (2222.SE) It rose 0.8%, on track to extend gains for a second straight session.

Ratings agency Fitch raised its outlook for Saudi Aramco to “positive” from “stable” this week, citing similar action on the kingdom due to rising oil revenues. read more

In Qatar, the index (.QSI) Down 0.3%, hit by a 4.5% drop in Shariah-compliant lender Masraf Al Rayan (Mark.QA)following a drop in first-quarter net profit.

However, declines in the index were limited by gains from Gulf International Services (GISS.QA)the company turned a profit in the first quarter, up 10%.

Dubai’s main stock index (.DFMGI) Up 0.5%, blue-chip developer Emaar Properties (Emar. You) Invest 1%.

Reuters reported on Wednesday, citing people familiar with the matter, that 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. read more

(1 USD = 3.7507 rials)

(1 USD = 3.6726 UAE Dirham)

Reporting by Ateeq Shariff in Bengaluru; Editing by Clarence Fernandez

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