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MIDEAST STOCKS-UAE stocks gain, while major Gulf markets fall

Credit: REUTERS/HAMAD I MOHAMMED

The stock markets in the United Arab Emirates (UAE) closed higher, boosted by real estate and banking shares, defying the fall in other Gulf markets.

By Maqsood Alam

Oct 19 (Reuters) - The stock markets in the United Arab Emirates (UAE) closed higher, boosted by real estate and banking shares, defying the fall in other Gulf markets.

Dubai's index .DFMGI advanced 1.3%, with Dubai Islamic Bank DIBDISB.DU gaining 1.7% and Emaar Properties EMAR.DU adding 1.9%.

On Sunday, Dubai Financial Market DFM.DU introduced equity futures trading platform, which included the lender Dubai Islamic Bank and Emaar Properties among stocks available for future contracts.

The Abu Dhabi index .ADI was up 0.3%. Aldar Properties ALDAR.AD rose 2.9% and First Abu Dhabi Bank FAB.AD gained 0.4%.

Meanwhile, Israeli tourism, travel and media representatives will visit the UAE this week on the invitation of state carrier Etihad Airways and Abu Dhabi's tourism industry.

Saudi Arabia's benchmark index .TASI closed 0.2% down. The kingdom's largest lender National Commercial Bank 1180.SE dropped 1.3%, while the oil giant Saudi Aramco 2222.SE lost 0.6%.

Saudi Aramco and Saudi Basic Industries (SABIC) 2010.SE have decided to re-evaluate their $20 billion crude-oil-to-chemicals project and are now looking at integrating existing facilities instead.

SABIC ended 0.1% lower after gaining as much as 1.2% during the day.

The Qatari index .QSI edged down 0.1% as Industries Qatar IQCD.QA and Barwa Real Estate BRES.QA fell 1.1% and 1.2%, respectively.

Among the gainers, Qatar Islamic Bank QISB.QA closed 0.4% higher as the lender hired a group of banks to arrange an issuance of five-year U.S. dollar-denominated sukuk, or Islamic bonds.

Egypt's blue-chip index .EGX30 slipped 0.1%. The country's largest lender Commercial International Bank Egypt COMI.CA shed 0.5% and the tobacco firm Eastern Company EAST.CA declined 1.3%.

SAUDI ARABIA

.TASI lost 0.2 % to 8,548 points

ABU DHABI

.ADI gained 0.3% to 4,560 points

DUBAI

.DFMGI rose 1.3% to 2,209 points

QATAR

.QSI slipped 0.1% to 10,000 points

EGYPT

.EGX30 was down %0.1 to 11,171 points

BAHRAIN

.BAX lost 1.1% to 1,461 points

OMAN

.MSI fell 0.4% to 3,589 points

KUWAIT

.BKP dropped 1.5% to 6,219 points

(Reporting by Maqsood Alam in Bengaluru; Editing by Krishna Chandra Eluri)

((Maqsood.Alam@thomsonreuters.com;))

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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