Mideast Stocks: Real estate continues to lift Dubai, banks hurt Qatar

The Dubai stock market continued to benefit from a recovery of beaten-down real estate stocks early on Thursday

  
Screens displaying stock information are seen at the Abu Dhabi Securities Exchange, June 17, 2013.

Screens displaying stock information are seen at the Abu Dhabi Securities Exchange, June 17, 2013.

REUTERS/Ben Job

The Dubai stock market continued to benefit from a recovery of beaten-down real estate stocks early on Thursday while Qatar fell, pressured by banks.

In Dubai, the index gained for a third straight day, rising 0.7 percent. Dubai Investments and Union Properties, which have been trading at multi-year lows, added 6.2 percent and 4.7 percent respectively.

Emaar Properties, which had rebounded 6.4 percent on Wednesday in its biggest one-day gain since June 2017, added a further 0.5 percent.

But the Qatar index dropped 0.6 percent in its fourth straight session of losses. Qatar Commercial Bank lost 1.9 percent and Qatar Insurance was down 1.1 percent.

The Saudi Arabia indexwas flat with petrochemical maker Saudi Basic Industries gaining 0.3 percent. But Dallah Healthcare surged 5.6 percent after its board recommended a capital increase to 750 million riyals ($200 million) and proposed a first-half cash dividend of 1.5 riyals.

Insurance companies Saudi Enaya Cooperative Insurance jumped 9.9 percent after shareholders approved a 200 million riyal capital increase through a rights issue, while Amana Cooperative Insurance surged 7.5 percent. It has called a board meeting on Dec. 25 to approve a capital increase through a rights issue of 100 million riyals.

The Abu Dhabi index was flat with First Abu Dhabi Bank, the largest lender in the United Arab Emirates, shedding 0.7 percent.

But energy firm Dana Gas jumped 5.8 percent after the company said its production had reached 70,000 barrels of oil equivalent per day, up from 62,250 boepd in the first nine months of 2018.

(Reporting by Shakeel Ahmad and Ateeq Shariff in Bengaluru; Editing by Andrew Torchia) ((shakeel.ahmad.thomsonreuters.com@reuters.net;))


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