By Ateeq Shariff
Feb 27 (Reuters) - Saudi Arabia's stock market in the Gulf ended lower on Thursday, extending losses for a third session amid a slowdown in corporate earnings, while top lender Emirates NBD helped the Dubai index.
Saudi Arabia's benchmark index .TASI dropped 1%, hit by a 1% fall in Al Rajhi Bank 1120.SE, while ACWA Power Company slid 2.7%.
ACWA Power on Tuesday reported annual profit ahead of analysts' estimates but missed on revenue.
Elsewhere, Saudi Basic Industries Corp 2010.SE closed 3.1% lower, extending losses from the previous session when it reported a slightly wider loss in the fourth quarter.
However, Company for Cooperative Insurance 8010.SE rose 1.8%, after the insurer met analysts' estimates.
Dubai's main share index .DFMGI added 0.2%, helped by a 1.9% rise in Emirates NBD Bank (ENBD) ENBD.DU.
Earlier this week, ENBD, Dubai's top lender, made a mandatory cash offer to buy Emirates Islamic Bank EIB.DU at 11.95 dirhams ($3.25) per share.
In Abu Dhabi, the index .FTFADGI fell 0.3%, pressured by a 1.2% fall in ADNOC Gas ADNOCGAS.AD.
Separately, UAE investment platform 2PointZero is targeting a stock market listing in Abu Dhabi this year, CEO Mariam bint Mohammed Almheiri said on Wednesday.
However, oil prices rose more than 1% on Thursday as supply concerns resurfaced after U.S. President Donald Trump revoked a license granted to U.S. oil major Chevron CVX.N to operate in Venezuela.
The Qatari index .QSI slipped 0.5%, hit by a 2.1% fall in Qatar Islamic Bank QISB.QA.
Outside the Gulf, Egypt's blue-chip index .EGX30 was down 0.1%, with Commercial International Bank COMI.CA retreating 1.1%.
Meanwhile, Egypt will increase the minimum wage for public sector workers to 7,000 Egyptian pounds ($138.50) per month from July, aligning it with the private sector's minimum wage established in early February, Finance Minister Ahmed Kouchouk announced during a press conference on Wednesday.
Kuwait was closed for a public holiday.
SAUDI ARABIA | .TASI dropped 1% to 12,112 |
Abu Dhabi | .FTFADGI down 0.3% to 9,613 |
Dubai | .DFMGI rose 0.2% to 5,361 |
QATAR | .QSI fell 0.5% to 10,446 |
EGYPT | .EGX30 lost 0.1% to 30,610 |
BAHRAIN | .BAX added 0.1% to 1,960 |
OMAN | .MSX30 rose 0.5% to 4,436 |
($1 = 3.6723 UAE dirham)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Shreya Biswas)
((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))
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