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MIDEAST STOCKS-Major Gulf bourses end week on firm footing, Egypt slips

* Saudi's Atheeb rises after swinging to Q2 profit

* Al Hammadi advances on strong Q2 results

* Alhokair down as revenue signals weakness

* Abu Dhabi's TAQA up in heavy trade

* Egypt's SODIC down on earnings miss

DUBAI, Aug 17 (Reuters) - Most major stock markets in the Gulf rose on Thursday with Saudi Arabia's index gaining strength from positive company-specific news while shares of one of Egypt's property developers dropped as its quarterly earnings missed estimates.

The Riyadh index added 0.7 percent as all 12 listed banks rose, with Alawwal Bank adding 2.4 percent.

Atheeb Telecommunications climbed 2.5 percent to 8.21 riyals in its highest traded volume since June 2016 after it swung to a quarterly net profit of 55.4 million riyals ($14.8 million) from a loss of 58.1 million riyals a year ago.

But it closed well off its intra-day high of 8.78 riyals. While some of the profit gain was due to higher revenues, most was due to the sale of communications towers, the company said.

Medical equipment seller and hospital operator Al Hammadi Co for Development rose 1.6 percent to 35.80 riyals after reporting net income of 25.7 million riyals, up 24.8 percent from a year ago. NCB Capital had predicted 26.7 million riyals.

"Although the opening of Al Nuzha hospital is a key catalyst, we believe it is already priced in. The stock trades at a forward price-to-earnings ratio of 19.5 times versus its Saudi peer group average of 19.3 times," NCB Capital said.

Saudi Steel Pipes gained 1.3 percent after one of its units won a 250 million riyal contract to manufacture pipes for oil giant Saudi Aramco.

Retailer Fawaz Alhokair dropped 4.7 percent after it made a quarterly net profit of 232.4 million riyals, in line with NCB Capital's forecast of 231 million riyals but below Alrajhi Capital's 288 million riyals.

Hokair's net profit grew 4.1 percent from a year ago but sales for the period fell 5.5 percent to 2.07 billion riyals.

"The actual results suggest an 8 percent year-on-year like-for-like decline (in store sales) based on our calculations, which points to the consumer spending environment remaining weaker than our already soft expectations," said Alrajhi.

Elsewhere, the Dubai index rose 0.3 percent with activity dominated by Union Properties, up 3.7 percent, and GFH Financial, up 2.8 percent.

Both stocks have been volatile in recent days, GFH because of a big capital increase and Union Properties because it posted a big quarterly loss as it fixed accounting errors; the stock has now regained the level where it was trading before the announcement of the loss.

Builder Drake & Scull was Dubai's top gainer, jumping 6.3 percent. Earlier this week it reported a slight narrowing in its quarterly net loss and removed its chief executive without naming a replacement.

Abu Dhabi National Energy jumped 3.3 percent in heavy trade. The stock soared 24 percent this week; last week the company said it swung to a tiny profit in the second quarter from a year-earlier loss, aided by higher oil prices and a one-off gain.

"After struggling for the last two years when oil prices fell to very low levels, TAQA had to rethink strategy, and off-loading non-core assets means it can focus on domestic business," said an Abu Dhabi trader.

Dana Gas however fell 3.2 percent, helping drag Abu Dhabi's index down 0.1 percent.

Qatar's index added 0.9 percent. Saudi Arabia said late on Wednesday it would open its Salwa border point for Qatari citizens who wished to perform the haj, but it was not clear if this signalled any movement towards resolution of its diplomatic dispute with Doha.

In Egypt, shares of Sixth of October Development and Investment fell 1.1 percent to a four-month low after its second-quarter net income of 129.8 million Egyptian pounds ($7.3 million) missed analysts' estimates.

Naeem Brokerage had forecast the company would make net income of 163 million pounds, but said the outlook for the second half of the year "seems positive" and maintained a "buy" rating on the stock. Egypt's index fell 0.2 percent.

HIGHLIGHTS

SAUDI ARABIA

* The index rose 0.7 percent to 7,179 points.

DUBAI

* The index edged up 0.3 percent to 3,601 points.

ABU DHABI

* The index edged down 0.1 percent to 4,493 points.

QATAR

* The index rose 0.9 percent to 9,106 points.

EGYPT

* The index fell 0.2 percent to 13,119 points.

KUWAIT

* The index added 0.5 percent to 6,886 points.

BAHRAIN

* The index decreased 0.9 percent to 1,299 points.

OMAN

* The index fell 0.5 percent to 4,889 points. (Editing by Andrew Torchia and Alexander Smith)