(MENAFN- The Peninsula) Most stock markets in the Middle East rose slightly yesterday, supported by positive earnings and expectations, but Dubai slipped after jumping in the previous session and approaching technical resistance.
Dubai's index slipped 0.1 percent, with most stocks declining, although heavyweight bank Emirates NBD jumped 3.5 percent, extending its gains following the publication of strong second-quarter figures last week.
The Dubai benchmark touched an intraday high of 4,234 points, near technical resistance in the 4,240-4,253 point area, where it peaked in April and June.
Emaar Properties, Dubai's biggest listed developer and the most traded stock yesterday, closed flat and Union Properties fell 0.8 percent, having surged 5.0 percent on Monday.
Abu Dhabi's bourse climbed 0.6 percent as National Bank of Abu Dhabi rose 1.9 percent and First Gulf Bank added 1.0 percent. Trading in the shares of another large local bank, Abu Dhabi Commercial Bank (ADCB), was suspended as its board reviewed quarterly results.
After the market closed, ADCB posted a 21 percent rise in second-quarter net profit which slightly beat analysts' forecasts, aided by lower loan impairments. The lender made a net profit attributable to shareholders of Dh1.28bn ($349m) in the quarter.
Kuwait's market edged up 0.5 percent. Burgan Bank added 1.2 percent after its quarterly profit rose 23 percent to 19.9m dinars ($65.7m). Analysts polled by Reuters had estimated 17.6 million dinars. Burgan's parent firm, Kuwait Projects Company (KIPCO), climbed 1.5 percent.
Oman's index added 0.4 percent and Ooredoo Oman , the sultanate's second biggest telecommunications operator, was the main support, jumping 2.1 percent. The firm reported a 16.2 percent rise in second-quarter net profit to 11.5m rials ($29.9m). Gulf Baader Capital had forecast 11m riyals.
Meanwhile, Galfar Engineering and Construction tumbled 8.3 percent. Last week, the firm said its consolidated profit had fallen to almost zero in the first half of this year.
Egypt's market climbed 0.3 percent, although most stocks traded without a clear trend and closed in the red. Commercial International Bank, the country's biggest listed lender, inched up 0.09 percent. Rating agency Moody's last week improved its outlook on Egypt's banking system to "stable".
Pharos Securities said at the end of last week it could revise its fair value estimate for the stock after the firm sold its stake in Egypt Cables Co for nearly three times its book value.
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