Blencowe Resou. Share News (BRES)

By Davide Barbuscia

DUBAI, March 6 (Reuters) - Gulf stocks were mixed onTuesday, with the Saudi market up on steady oil pricesand Abu Dhabi dragged down by First Abu Dhabi Bank'sstock going ex-dividend.

Outside of the Gulf, Egypt's index continued toclimb, reaching an all-time high as it benefits from the centralbank’s decision to cut interest rates last month, the first timeit has done so since letting the currency float freely in 2016.

The Egyptian exchange closed at 16,012.66 points, up 1.99percent, fuelled by gains in the consumer and real estatesectors.

Stronger global stocks on Tuesday – with U.S. PresidentDonald Trump facing increasing pressure to pull back from aproposed increase in steel and aluminium tariffs – had apositive effect on the Saudi market, which was also boosted bygains in the petrochemical sector due to steady oil prices.

The Tadawul climbed 0.96 percent, with petchem companiessuch as Saudi Basic Industries Corporation (Sabic)gaining 1.5 percent and Saudi International Petrochemical Coup 0.9 percent.

Banks were also all up, with Al Rajhi Banking & InvestmentCorporation seeing the highest trading volumes in thesector and climbing 1.32 percent, while Arab National Bankwas the top gainer, jumping 3.7 percent.

"Global markets have improved and the Saudi market isalready balanced, so people are optimistic and the bet is stillon leading stocks and banks," said Mazen Al Sudairi, head ofresearch at Rajhi Capital.

The Qatar market lost 0.29 percent, despite initialgains. Vodafone Qatar was the worst performer, losing3.76 percent. The company’s board announced last week a decisionto reduce the share capital of the company by halving thenominal value of the company to 5 riyal per share.

The real estate sector also weighed on the index, withUnited Development Company and Barwa DevelopmentCompany losing 1.79 percent and 0.88 percentrespectively.

The Dubai exchange was broadly flat, losing only0.05 percent. Abu Dhabi, though, slipped 1.87 percent, pulled byFirst Abu Dhabi Bank which dropped 6.47 percent as thestock went ex-dividend.

FAB announced a cash dividend of 0.7 dirhams. On theex-dividend date, the exchange reduces the stock price by theamount of the dividend to account for the fact that newinvestors are not eligible to receive dividends and aretherefore unwilling to pay a premium.

SAUDI ARABIA

* Index went up 0.96 percent to 7,437.61 points.

DUBAI

* Index shed 0.05 percent to 3,204.91 points.

ABU DHABI

* Index dropped 1.87 percent to 4,523.49 points.

QATAR

* Index went down 0.29 percent to 8,429.30 points.

EGYPT

* Index rose 1.99 percent to 16,022 points.

KUWAIT

* Index was flat 6,805.74 points.

BAHRAIN

* Index was up 0.01 percent to 1,374.766 points.

OMAN

* Index dropped 0.81 percent to 4,947.400 points.(Aditional reporting by Marwa RashadEditing by Mark Potter)