World Markets
FAB

MIDEAST STOCKS-Property shares buoy UAE bourses; Egypt snaps losing streak

Credit: REUTERS/STRINGER

Major Gulf markets ended higher on Tuesday, with gains in real estate shares boosting indexes in the United Arab Emirates, while Egypt snapped eight sessions of losses.

By Ateeq Shariff

Oct 27 (Reuters) - Major Gulf markets ended higher on Tuesday, with gains in real estate shares boosting indexes in the United Arab Emirates, while Egypt snapped eight sessions of losses.

The Abu Dhabi index .ADI closed up 1.3%, boosted by a 11.8% surge in Aldar Properties ALDAR.AD 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 increased 1.4%. 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.

Dubai's main share index .DFMGI gained 1.1%, led by a 5.8% rise in blue-chip developer Emaar Properties EMAR.DU and a 6.7% jump in DAMAC Properties DAMAC.DU.

Saudi Arabia's benchmark index .TASI added 0.5%, with oil giant Saudi Aramco 2222.SE rising 1.2% and Al Rajhi Bank 1120.SE increasing 0.5%.

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

Elsewhere, National Commercial Bank 1180.SE advanced 1.1%. Post trading hours, the kingdom's largest lender reported a higher net profit in the third quarter.

In Qatar, the index .QSI rose 0.5%, supported by a 2.2% leap in lender Masraf Al Rayan MARK.QA and a 2.9% rise in Commercial Bank COMB.QA.

Outside the Gulf, Egypt's blue-chip index .EGX30 was up 0.5%, as most of the stocks on the index were in positive territory including Commercial International Bank Egypt COMI.CA, which was up 0.9%.

SAUDI ARABIA

.TASI rose 0.5% to 8,199 points

ABU DHABI

.ADI added 1.3% to 4,683 points

DUBAI

.DFMGI rose 1.1% to 2,191 points

QATAR

.QSI was up 0.5% to 9,8553 points

EGYPT

.EGX30 up 0.5% to 10,560 points

BAHRAIN

.BAX gained 0.5% to 1,428 points

OMAN

.MSI lost 0.2% to 3,556 points

KUWAIT

.BKP was down 1% at 5,979 points

($1 = 3.6728 UAE dirham)

($1 = 3.7503 riyals)

(Reporting by Ateeq Shariff in Bengaluru Editing by Alexandra Hudson)

((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

FAB MARK COMB

Latest 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