Mideast Stocks: Property stocks hurt Dubai, industrials lift Egypt

Dubai's real estate shares drag index

  
An investor looks up at electronic display boards at the Dubai International Financial Market, March 21, 2010. Image for illustrative purposes.

An investor looks up at electronic display boards at the Dubai International Financial Market, March 21, 2010. Image for illustrative purposes.

REUTERS/Ahmed Jadallah

The Dubai stock market reversed course to slide on Tuesday as its property shares fell, while Egypt's blue-chip index gained for a fifth straight session, aided by its industrial stocks.

Dubai's index fell 0.2 percent after rising for three straight sessions. Dubai's largest listed developer Emaar Properties dipped 1.3 percent, while its unit Emar Development lost 2.8 percent.

In 2018, the index fell over 25 percent to become the world's worst-performing major stocks market in local currency terms, led by declining real estate stocks.

Residential real estate prices in Dubai could fall by 5-10 percent in 2019, weakened by new supply, a strong dollar and lower oil prices, the Middle East chief executive of Savills SVS.L had said on Monday.

Dubai's oversupplied property market has steadily fallen since a mid-2014 peak, hurting earnings of the emirate's top developers and forcing construction and engineering firms to cut jobs and halt expansion plans. 

The Egyptian blue-chip index rose 0.5 percent, with Sidi Kerir Petrochemicals gaining 4.6 percent and El Sewedy Electric adding 5.6 percent.

The Saudi index inched up 0.1 percent, with Jabal Omar Development rising 2.5 percent and Banque Saudi Fransi 1050.SE hiking 2 percent.

Nama Chemicals added 3.7 percent to end as the top gainer on the index. The company said the Capital Market Authority approved a request to increase the company's capital through a rights issue valued at 200 million riyals($53.32 million).

In Abu Dhabi, the index was down 0.2 percent, with Aldar Properties losing 1.9 percent, and Dana Gas  sliding 1 percent.

Qatar's index fell 0.3 percent, pressured by sliding bank shares. Qatar Islamic Bank  lost 1.7 percent, while Qatar National Bank was down 1 percent.

($1 = 3.7507 riyals)

SAUDI The index inched up 0.1 pct to ARABIA 8,057 points

DUBAI The index was down 0.2 pct at

2,529 points

QATAR The index lost 0.3 pct to 10,459 points

ABU DHABI The index was down 0.2 pct at 4,927 points

EGYPT The index rose 0.5 pct to 13,405 points

KUWAIT The index was flat at 5,401 points

OMAN The index was flat at 4,311 points

BAHRAIN The index was flat at 1,332 points

(Reporting by Abinaya Vijayaraghavan and Ateeq Shariff in Bengaluru, Editing by Louise Heavens) ((abinaya.vijayaraghavan@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 6749 2733; Reuters Messaging: abinaya.vijayaraghavan.thomsonreuters.com@reuters.net))

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