Real estate weighs on Dubai, major Gulf markets down
By Tuqa Khalid
DUBAI, Feb 3 () - Dubai's stock market fell sharply on Sunday dragged down by property stocks, as other major Gulf bourses also saw losses.
In Dubai, the index dropped 1.1 percent. The emirate's largest listed developer, Emaar Properties, slid 3.3 percent, Emaar Malls dropped 4.5 percent, and DAMAC properties fell 2.3 percent.
"DFM index continued its downward performance due to expected deletion of Emaar Development, Emaar Malls and DAMAC properties from MSCI Index which will result in $200 million of outflow from these names," said Sanat Sachar, equity research analyst at Al Mal Capital.
The three firms' performance over the past year sets them up for exclusion from the MSCI Emerging Markets Index in May under the compiler's criteria for membership.
The Saudi stock index was down 0.4 percent, dragged down by financials. Saudi British Bank (SABB) fell 1.8 percent, Alawwal Bank fell 1.6 percent and Banque Saudi Fransi (BSF) fell 2.8 percent after reporting decreased net income which the company said was due to an increase in total operating expenses because of higher impairment charges.
The EGX 30 Index gained 0.8 percent boosted by telecommunications and industrials, as Orascom Investment Holding surged 8.4 percent and Telecom Egypt Co was up 6.5 percent.
Abu Dhabi's index rose 0.6 percent lifted by financials, such as heavyweight First Abu Dhabi Bank, which rose 1.8 percent. This comes a week after it said it had proposed increasing its foreign ownership limit to 40 percent from 25 percent.
Abu Dhabi Islamic Bank also rose 1.7 percent.
Qatar's index dropped 0.3 percent with Qatar Gas Transport shedding 1.7 percent and Qatar Insurance Co down 1.2 percent.
The index fell 0.4 pct to 8,527 points
The index fell 1.1 pct to 2,540 points
The index was fell 0.3 pct to 10,689 points
The index rose 0.6 pct to 5,076 points
The index rose 0.8 pct to 14,244 points
The index fell 0.5 pct to 5,406 points
The index fell 0.5 pct to 4,147 points
The index was up 0.3 pct at 1,396 points
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