Stocks

Emirates NBD weighs on Dubai, banks lift Qatar

Reuters

Feb 28 () - Dubai's stock market fell on Thursday as lender Emirates NBD and real estate stocks slipped, while Qatar was lifted by its banks.

The Dubai index was down 1.1 percent, with Emirates NBD sliding 4.4 percent. The bank's shares have seen a sell-off in recent sessions.

Property shares also fell, with Emaar Properties shedding 0.8 percent and its unit Emaar Malls losing 2.2 percent.

But the index rallied this year led by strong fourth-quarter results at real estate firms. However, property prices are expected to fall further this year.

Qatar's index rose 0.3 percent with the Middle East's largest insurer Qatar Insurance CO gaining 0.6 percent. Its shareholders approved a capital increase by 77 million riyals ($21 million) through a private placement.

Barwa Real Estate gained 1 percent after appointing Issa Bin Mohamed al-Mohannadi as managing director following the resignation of its Chief Executive.

Saudi Arabia's index dipped 0.1 percent with Al Rajhi Bank shedding 0.3 percent and National Commercial Bank falling 0.6 percent.

Najran Cement shed 1.4 percent after its full-year loss widened primarily due to a decline in sales volume as a result of subdued market demand for cement.

Saudi Airlines Catering fell 1.2 percent after posting a drop in its full-year profit.

The Abu Dhabi index traded flat with blue-chip lender First Abu Dhabi Bank gaining 0.3 percent.

($1 = 3.6400 Qatar riyals)


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