September 26, 2018 / 8:16 AM / 3 months ago

MIDEAST STOCKS-Stocks in Saudi up on banks, corporate announcements

DUBAI, Sept 26 (Reuters) - Saudi Arabia’s stock market edged up on Wednesday boosted by banks and corporate announcements, while a contract win for a unit of construction giant Arabtec lifted Dubai’s bourse.

In Saudi Arabia, National Commercial Bank and Samba Financial Group were the main drivers, climbing 1.1 percent and 0.7 percent, respectively. Al Rajhi Bank was up 0.4 percent.

Saudi Steel Pipe Co was up 0.5 percent after it said minority shareholders had agreed to sell a 47.8 percent stake in the company to Luxembourg-based steel pipe maker Tenaris for $144 million.

The Saudi index climbed 0.3 percent.

Investors have appeared to shrug off renewed concerns in recent days about tensions between Saudi Arabia and Iran. The kingdom on Tuesday dismissed Iranian accusations that it had backed gunmen who killed 25 people at a military parade in southwestern Iran over the weekend.

In Dubai, Arabtec Holding climbed 2.6 percent to its highest level in more than a month after a consortium between its wholly-owned subsidiary Target Engineering Construction Co and Spain’s Tecnicas Reunidas won a 3.2 billion dirham ($871.3 million) contract from ADNOC LNG.

Emirates NBD, Dubai’s largest bank, surged 2 percent, helping the main index gain 0.5 percent.

Abu Dhabi’s index climbed by 0.3 percent, with First Abu Dhabi Bank gaining 1.1 percent.

Industries Qatar added 1.7 percent, helping the main index add 0.4 percent.

Reporting by Tom Arnold Editing by Andrew Heavens

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