World Markets

MIDEAST STOCKS-Dubai leads gains on property shares; Saudi eases

Credit: REUTERS/STRINGER

Dubai shares reversed early losses to close higher on Tuesday, led by gains in property stocks, while other major markets in the Gulf region were little changed.

By Ateeq Shariff

Aug 25 (Reuters) - Dubai shares reversed early losses to close higher on Tuesday, led by gains in property stocks, while other major markets in the Gulf region were little changed.

Dubai's main share index .TASI gained 1%, with blue-chip developer Emaar Properties EMAR.DU rising 2.4% and its unit Emaar Development EMAARDEV.DU advancing 3.9%.

Elsewhere, sharia-compliant lender Dubai Islamic Bank DISB.DU was up 1.9%.

Saudi Arabia's benchmark index .TASI lost 0.2%, driven down by a 1.6% decline in the kingdom's largest lender National Commercial Bank 1180.SE, while Jabal Omar Development 4250.SE slid 4.3%.

The developer on Monday posted a net loss of 465.2 million riyals ($124.04 million) in second-quarter, compared to a profit of 29.8 million riyals a year earlier.

In Abu Dhabi, the index .ADI slipped 0.3%, hurt by a 0.8% fall in Emirates Telecommunications ETISALAT.AD and a 2% drop in Abu Dhabi Commercial Bank ADCB.AD.

The Qatari index .QSI closed up 0.2%, with Qatar Islamic Bank QISB.QA rising 0.6% and Commercial Bank COMB.QA closing up 1.2%.

Industries Qatar IQCD.QA, however, eased 0.1%, after hitting its highest level since Jan. 29 in the previous session.

On Sunday, the petrochemical firm bought Qatar Petroleum's 25% stake in Qatar Fertiliser Co for $1 billion, making it the 100% owner of the world's largest single-site urea producer.

Outside the Gulf, Egypt's blue-chip index .EGX30 rose 0.2%. Commercial International Bank COMI.CA gained 1.4%, while tobacco monopoly Eastern Company EAST.CA ended 1.7% higher.

SAUDI ARABIA

.TASI fell 0.2% to 7,938 points

ABU DHABI

.ADI lost 0.3% to 4,559 points

DUBAI

.DFMGI rose 1% to 2,305 points

QATAR

.QSI added 0.2% to 9,909 points

EGYPT

.EGX30 up 0.2% to 11,462 points

BAHRAIN

.BAX gained 0.6% to 1,374 points

OMAN

.MSI rose 1.1% to 3,730 points

KUWAIT

.BKP was up 1.1% at 5,806 points

($1 = 3.7503 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Ramakrishnan M.)

((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.

In This Story

COMB EAST

Latest World Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More