Mideast Stocks: Property shares lift UAE, blue-chips pressure Saudi

The Dubai index gained 0.7%, boosted by Emaar Properties, which rose a further 1.6%

  
Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

REUTERS/Ahmed Jadallah

Gains in shares of property and contracting firms lifted Dubai and Abu Dhabi stocks in early trade on Tuesday, while weak earnings from blue-chips weighed on the Saudi bourse.

The Dubai index gained 0.7%, boosted by Emaar Properties, which rose a further 1.6%. The stock jumped 2.5% on Monday when it struck a deal with Beijing Daxing International Airport over an $11 billion project that includes residential and leisure facilities.

In Abu Dhabi, the index gained 0.3%, rising for the sixth straight session. Aldar properties was up 5% after a progress update on a recently awarded 5 billion dirhams ($1.4 billion) worth of projects and raising its annual profit guidance by 50% for the next three to four years.

National Bank Of Ras Al Khaimah  climbed 2.2% after reporting a 25.7% rise in second quarter profit.

The Saudi index fell 0.2%, sliding for a fourth straight day. Pressure came from a 3.5% drop in Saudi Arabian Mining Company and a 2.5% decrease in Saudi Arabia Fertilizers.

Saudi Arabian Mining swung to a second-quarter loss, which it blamed on falling average realised prices of all products except gold, while Saudi Arabia Fertilizers' profit for the same period was hurt by a production halt at one of its plants during maintenance.

National Shipping Company of Saudi Arabia dropped 4.6% after it reported a 75% fall in second-quarter profit.

In Qatar, the index slid 0.3%, driven down by a 2.1% fall in Qatar Gas Transport and a 0.7% drop in Industries Qatar.

($1 = 3.7504 riyals)

(Reporting by Ateeq Shariff and Maqsood Alam in Bengaluru; Editing by Mark Potter) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

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