Markets

Middle East Stocks Mixed, Dubai Gains on Real Estate Stocks and Qatar Advances on Banking Shares

Mideast shares were mixed, with Dubai rising on a boost in real estate stocks and Qatar gaining on banks.

Some analysts believe Dubai's property companies may have hit a trough in their earnings cycle. Arqaam Capital has a buy rating on Emaar Properties with an 8.4 dirhams price goal.

In other company news, Dubai Islamic Bank said Q3 profit rose 10.8%, in line with analysts' estimates.

Bawan Co said its unit signed an agreement to supply Saudi Electricity Co with substations for 269.8 million riyals ($72 million). The company said the financial impact of the deal would appear in the first half of 2019.

Saudi Industrial Export approved a capital increase through a rights offer, which will begin trading on Oct. 15.

Saudi Arabia's main index fell 0.9% to 7,835 points, Dubai jumped 1.2% to 2,811 points, Abu Dhabi slipped 0.1% to 5,015 points, Qatar rallied 1.3% to 9,964 points, Kuwait dropped 0.3% to 5,289 points, Bahrain slumped 0.3% to 1,321 points, Oman dipped 0.2% to 4,509 points and Egypt edged up 0.2% to 13,621 points.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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