|06 April, 2020

Mideast Stocks: Emaar sends Dubai higher, Qatar outperforms

Dubai's main share index gained 0.8%, led by a 4.2% rise in Emaar Properties

Investors are seen at the Dubai International Financial Market in Dubai, UAE February 7, 2018.

Investors are seen at the Dubai International Financial Market in Dubai, UAE February 7, 2018.

REUTERS/Satish Kumar

Dubai's stock market rose on Monday, backed by solid gains by property developer Emaar, while Qatar outperformed the region as most of the stocks on the index traded higher.

Dubai's main share index gained 0.8%, led by a 4.2% rise in Emaar Properties. The developer sold an 80% stake in its cooling business in the prime Dubai Downtown area to National Central Cooling Co (TABREED) for 2.48 billion dirhams ($675 million), the companies said on Monday.

Tabreed was down 3.5%.

However, the index's gains were capped by losses in Dubai Islamic Bank, which declined 4.1%. On Sunday, the sharia-compliant lender said it has a $425 million exposure to troubled NMC Health, while its subsidiary Noor Bank has a further $116 million. 

In Abu Dhabi, the index added 0.4%, helped by a 2% rise in top lender First Abu Dhabi Bank.

The Qatari index gained 1.2%. Qatar Fuel Co traded up 1.3%, while Qatar Navigation advanced 2.3%.

Saudi Arabia's benchmark index edged up 0.1%, as Al Rajhi Bank ticked up 0.6% and oil giant Saudi Aramco was up 0.2%.

The kingdom and Russia were initially set to meet on Monday to discuss output cuts, but that has been pushed back to April 9 after they blamed each other for the collapse of talks in March.

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru Editing by David Holmes) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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