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MIDEAST STOCKS-Aldar aids Abu Dhabi index; other Gulf markets little changed

Credit: REUTERS/STRINGER

Abu Dhabi's stock market rose on Tuesday buoyed by gains in real estate developer Aldar Properties, while other major Gulf markets were little changed.

Oct 27 (Reuters) - Abu Dhabi's stock market rose on Tuesday buoyed by gains in real estate developer Aldar Properties ALDAR.AD, while other major Gulf markets were little changed.

The Abu Dhabi index .ADI gained 0.5%, boosted by a 4.7% jump in Aldar which saw its biggest intraday gain in nearly six years on Monday after announcing it will take over the management and development of government capital projects worth 30 billion dirhams ($8.17 billion) under an agreement with state-backed ADQ.

First Abu Dhabi Bank FAB.AD traded flat. In the previous session, the United Arab Emirates' biggest lender reported a 19% fall in quarterly profit, dragged down by a double-digit drop in net interest income and higher impairment charges.

Saudi Arabia's benchmark index .TASI edged up 0.1%, helped by a 0.6% rise in oil giant Saudi Aramco 2222.SE and a 0.4% increase in petrochemical maker Saudi Basic Industries 2010.SE.

The kingdom's Energy Minister Prince Abdulaziz bin Salman said on Monday that the worst was over for the oil market.

"I guess the worst part is over," he said at the virtual India Energy Forum by CERAWeek when asked to comment on the status of the oil market recovery.

Dubai's main share index .DFMGI eased 0.3%, hurt by a 0.6% fall in Emirates NBD Bank ENBD.DU and a 0.2% decline in sharia-compliant lender Dubai Islamic Bank DISB.DU.

In Qatar, the index .QSI fell 0.1%, with Qatar Islamic Bank QISB.QA losing 0.9%.

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Mike Harrison)

((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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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