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|20 January, 2019

Mideast Stocks: Dubai lifts on blue chips, rest of Gulf mixed

Emaar's retail unit Emaar Malls jumped 1.2 percent and Dubai Islamic Bank rose 0.2 percent

DUBAI: Dubai's stock market rose in early trading on Sunday, supported by property and banking shares, while trading was mixed in other parts of the Gulf.

Dubai's index gained 0.4 percent as blue chip developer Emaar Properties added 1.0 percent and major bank Emirates NBD rose 0.5 percent after reporting a 10 percent rise in fourth quarter profit last week. 

Emaar's retail unit Emaar Malls jumped 1.2 percent and Dubai Islamic Bank rose 0.2 percent.

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Abu Dhabi's main index was up 0.1 percent, boosted by a 7.8 percent gain in Abu Dhabi Aviation and a 0.5 percent rise at Abu Dhabi Commercial Bank.

Telecom Etisalat was down 0.4 percent.

Saudi Arabia's main index was flat as Saudi Basic Industries (SABIC) jumped 1.0 percent and the Gulf's largest dairy company, Almarai, fell by 4.3 percent after reporting a 23 percent fall in fourth-quarter profit. 

Savola Group was down 3.9 percent.

The Qatar index fell 0.1 percent, dragged down by Qatar Electricity & Water Co which fell 1.0 percent and Qatar Islamic Bank which was down 0.5 percent.

(Reporting by Alexander Cornwell Editing by Andrew Heavens)

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