|20 November, 2019

Mideast Stocks: Property shares aid Dubai; other Gulf markets mixed

In Dubai, the index rose 0.3% as Deyaar Development gained 3.6% and Emaar Properties added 0.2%

Dubai's stock market extended gains early on Wednesday as most of its real estate stocks rose, while other major Gulf markets were mixed.

In Dubai, the index rose 0.3% as Deyaar Development gained 3.6% and Emaar Properties added 0.2%.

Among other stocks, Emirates Integrated Telecommunications gained 1.5% and Dubai Islamic Bank was up 0.2%. On Tuesday, the bank called its board meeting on Nov. 25 to discuss the acquisition of Noor Bank.

Air Arabia opened up 1.4%, extending gains for a third consecutive day. On Monday, the budget airline announced an order for 120 Airbus A320neo-family jets in a deal worth about $14 billion.

In Saudi Arabia, the index was flat with petrochemical and telecoms shares moving sideways.

The kingdom's largest petrochemical maker, Saudi Basic Industries, fell 0.4%. Saudi Telecom was up 0.5%.

Arabian Centres advanced 2%. The Saudi mall operator issued $500 million of international sukuk, or Islamic bonds, with a five-year maturity.

The Qatari index was down 0.6%. Industries Qatar dropped 0.8% and Qatar National Bank was down 0.6%.

The Abu Dhabi index retreated 0.3% with Emirates Telecommunications losing 1% and Abu Dhabi Commercial Bank was down 0.9%.

(Reporting by Ateeq Shariff in Bengaluru) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

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