March 27 (Reuters) - Qatar's stock market rose on Wednesday,aided by its blue-chip bank shares, while the Dubai indexrecouped some losses as all its property firms gained.
The Qatar index
.QSI
added 1 percent as market heavyweightIndustries Qatar
IQCD.QA
rose 1.3 percent and Qatar NationalBank
QNBK.QA
, the largest bank by assets in the Middle Eastand Africa, increased 1 percent.
Qatar International Islamic Bank
QIIB.QA
rose 0.9 percent.On Monday, the lender's shareholders approved an increase in itsforeign ownership limit to 49 percent from 25 percent.
Gulf International Services
GISS.QA
climbed 6.5 percent.The firm has gained in the last three sessions after QNBFinancial Services raised its rating to 'accumulate'.
Dubai's index
.DFMGI
rose 0.4 percent with EmaarProperties
EMAR.DU
and its largest lender Emirates NBD
ENBD.DU
gaining 0.4 percent each.
DXB Entertainment
DXBE.DU
rose 1.2 percent ahead of itsboard meeting to discuss the strategic review of its expansionplans and Shuaa Capital
SHUA.DU
added 1.1 percent after sayingit was in talks with Abu Dhabi Financial Group for a potentialmerger.
Saudi Arabia's index
.TASI
inched up 0.1, led by a 2.6percent gain in travel operator Al Tayyar Group
1810.SE
and0.4 percent rise in Saudi Telecom
7010.SE
.
Both companies own a stake in Middle East's ride-hailing appCareem, which was bought by Uber Technologies
UBER.UL
onMonday.
Al Tayyar said it was expecting to make a gross profit of1.78 billion riyals ($475 million) from the transaction, whileSaudi Telecom expects to receive around $274 million.
The Abu Dhabi index
.ADI
slipped 0.1 percent with thecountry's largest lender First Abu Dhabi Bank
FAB.AD
losing0.5 percent and Methaq Takaful Insurance
METH.AD
declining 5.6percent.
($1 = 3.7503 riyals)
(Reporting by Ateeq Shariff in Bengaluru; Editing by ElaineHardcastle) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))
