STOCKS NEWS MIDEAST-Kuwait narrowly mixed after NBK earnings miss

0855 GMT - Kuwait's bourse is narrowly mixed after its largest firm by market value posts below-forecast earnings, while Saudi Arabia's market trades thinly.

Kuwait's index is flat at 8,036 points, after rising for five straight sessions. The market is up 35 percent in 2013 because of expectations for better earnings as the government moves ahead with big infrastructure projects.

"The market is above the 8,000 psychological barrier - there is an overwhelming consensus the government will soon invest in the economy and kick-start development projects," says Fouad Darwish, head of brokerage at Global Investment House.

A longstanding power struggle between the government and parliament has held back economic development plans. Parliamentary elections are set for Saturday and analysts expect members to be mostly pro-government, with a new voting system decreed by the emir still in place despite opposition challenges.

Heavyweight National Bank of Kuwait is trading flat after reporting a 19 percent rise in second-quarter net profit to 47.2 million dinars ($165.7 million), missing analyst estimates of around 79 million dinars.

Despite the miss, chief executive Ibrahim Dabdoub was optimistic in a statement, saying the economic outlook was improving. At the end of the second quarter, NBK's assets were 17.9 billion dinars, up 25 percent from the same time a year ago.

Large-caps have led Kuwait's recent rally as investors accumulated these stocks on expectations of earnings growth.

Elsewhere, Saudi Arabia's benchmark is flat after earlier hitting a fresh 15-month high.

The petrochemical sector index climbs 0.3 percent but mid-caps dominate trade with few investors in the market. Real estate developer Jabal Omar climbs 1.5 percent.

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0722 GMT - Heavyweight telecom operator Etisalat helps lift Abu Dhabi's bourse, which heads for its 13th consecutive advance.

Etisalat, the largest stock by market value on the UAE capital's index, gains 0.9 percent after the firm said it will pay a 40 percent higher interim dividend of 35 fils ($0.10) per share after posting a 6 percent rise in second-quarter net profit after royalties, roughly in line with forecasts.

It also confirmed it has entered exclusive talks with Vivendi to buy the French firm's 53 percent stake in Maroc Telecom for 4.2 billion euros ($5.54 billion), a deal which would be Etisalat's largest acquisition to date if completed.

However, trading is thin on the stock, which is limited in ownership to UAE citizens.

Abu Dhabi's benchmark climbs 0.3 percent to 3,874 points, extending 2013 gains to 47.3 percent.

Dubai's measure slips 0.1 percent to 2,544 points, easing off Monday's near-five-year high.

In Doha, lender Masraf Al Rayan rises 1.3 percent after posting estimate-beating quarterly earnings.

Qatar's measure ticks up 0.1 percent to 9,664 points, a fresh 58-month high. The index is approaching a psychological resistance at 10,000 points.

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0555 GMT - Second-quarter earnings and dividends look set to drive Gulf investor sentiment on Tuesday with geopolitical tensions and international market cues taking a back seat.

Saudi Telecom Co may face continued selling pressure after reporting late on Sunday a 41 percent drop in second-quarter net profit to 1.4 billion riyals ($373 million), below analysts' forecasts of around 2.1 billion riyals.

However, the firm also announced it had begun steps to sell its Indonesian business, which investors may take positively as a sign it is finally disposing of non-strategic assets.

Abu Dhabi telecommunications operator Etisalat may rise after saying it will pay an interim dividend of 35 fils ($0.10) per share, up 40 percent from a year earlier. Etisalat reported a net profit of 1.98 billion dirhams, roughly in line with analysts' forecasts.

It also confirmed it had entered exclusive talks with Vivendi to buy the French firm's 53 percent stake in Maroc Telecom for 4.2 billion euros ($5.54 billion) - its biggest acquisition ever. Investors in the past have tended to view its interest in Morocco as positive, because it means expanding beyond the saturated United Arab Emirates market.

However, trade in the stock will be limited since ownership is limited to UAE citizens.

Also in the UAE, Dubai-listed logistics firm Aramex reported a 12 percent rise in second-quarter net profit, in line with analysts' forecasts.

In Kuwait, investment firm Arabi Group Holding Co. may gain after winning a competitive bid for a 26 percent stake in Kuwait Health Assurance Co which was auctioned by the country's sovereign wealth fund.

Asian stocks rose to six-week highs on Tuesday, led by a rally in Chinese shares, while gold took a breather after its biggest one-day gain in more than a year. ($1 = 3.6730 UAE dirhams) (Reporting by Nadia Saleem; Editing by Andrew Torchia)

Source: http://news.yahoo.com/stocks-news-mideast-kuwait-narrowly-mixed-nbk-earnings-092931819.html

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