Mideast Stocks-UAE stocks gain, while major Gulf markets fall

Aldar Properties supports Abu Dhabi

  
Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

REUTERS/Ahmed Jadallah

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 advanced 1.3%, with Dubai Islamic Bank DIB gaining 1.7% and Emaar Properties adding 1.9%.

On Sunday, Dubai Financial Market 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 was up 0.3%. Aldar Properties rose 2.9% and First Abu Dhabi Bank 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 closed 0.2% down. The kingdom's largest lender National Commercial Bank 1180.SE dropped 1.3%, while the oil giant Saudi Aramco lost 0.6%.

Saudi Aramco and Saudi Basic Industries (SABIC) 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 edged down 0.1% as Industries Qatar and Barwa Real Estate fell 1.1% and 1.2%, respectively.

Among the gainers, Qatar Islamic Bank 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 indexslipped 0.1%. The country's largest lender Commercial International Bank Egypt shed 0.5% and the tobacco firm Eastern Company declined 1.3%.

(Reporting by Maqsood Alam in Bengaluru; Editing by Krishna Chandra Eluri) ((Maqsood.Alam@thomsonreuters.com;))

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