Mideast Stocks: Property shares lift Dubai, other markets slip after recent rally

DXB Entertainment added 2% after the theme park company reported a 5% growth in second-quarter visits

  

Dubai stocks rose on Monday on the back of real estate shares, while other major Gulf bourses eased after recent gains.

The Dubai index rose 0.6%, lifted by its largest listed developer Emaar Properties which gained 1.5%, and Emirates NBD was up 0.4%.

DXB Entertainment added 2% after the theme park company reported a 5% growth in second-quarter visits compared to same period year ago.

In Saudi Arabia, the Tadawul main index slipped 0.3% pressured by banks and petrochemical companies, putting an end to five days of gains mostly triggered by banks after EFG Hermes forecast a higher second-quarter profit for Saudi lenders.

Al Rajhi Bank declined 0.4%, while Riyad Bank 1010.SE lost 0.5% a day after it traded ex-dividend.

In Abu Dhabi, where the index slid 0.3%, snapping nine straight days of gains, Abu Dhabi Commercial Bank dropped 0.9%, while the country's largest lender First Abu Dhabi Bank was down 0.1%.

Qatar shares fell 0.2%, hurt by a 0.6% fall in market heavyweight Industries Qatar and a 0.3% drop in lender Masraf Al Rayan ahead of its first-half earnings due to come in later on Monday.

Kuwait's index decreased 0.7%, its second day of loss following a surge in 11 straight sessions after MSCI's decision to move Kuwaiti equities to its main emerging-market index in 2020.

(Reporting by Ateeq Shariff in Bengaluru, Editing by William Maclean) ((mailto:AteeqUr.Shariff@thomsonreuters.com; +918067497129;))


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