Mideast Stocks: Dubai outperforms Gulf as major markets gain

Aldar Properties gains as June-qtr profit edges up

  
Investors look at stock exchange information at the Dubai Financial Market December 14, 2009.

Investors look at stock exchange information at the Dubai Financial Market December 14, 2009.

REUTERS/STR New

Dubai's stock market hit a two-month high on Thursday, led by top lender Emirates NBD (ENBD), while other major bourses in the region also ended higher.

Dubai's main share index advanced 1.9% to its highest since June 9, with ENBD up 2.5%.

The bank is in preliminary discussions with Lebanon's Blom Bank regarding the possibility of a potential acquisition of its shareholding in Blom Bank Egypt

Elsewhere, Emaar Properties closed up 3%.

DAMAC Properties, however, declined 2.6% after posting a loss of 280 million dirhams ($76.24 million) in the second-quarter, its third consecutive quarterly loss, according to Refinitiv data. 

Saudi Arabia's benchmark index rose 0.8%, driven by a 1.1% gain in oil giant Saudi Aramco and a 3.5% increase in Banque Saudi Fransi.

In Abu Dhabi, the index gained 0.6%, with the country's largest lender First Abu Dhabi Bank rising 0.9%, while Aldar Properties  jumped 3.4%.

The state-linked builder of Abu Dhabi's Formula One circuit made 484 million dirhams in the three months to June 30, compared with 476 million dirhams a year earlier.

The Qatari index added 0.5%, extending gains for a fourth session in a row. Market heavyweight Industries Qatar increased 1.9%, while lender Masraf Al Rayan was up 1.1%.

Outside the Gulf, Egypt's blue-chip index traded in positive territory to close up 0.2%, with Commercial International bank gaining 1.1%.

($1 = 3.6726 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten Donovan) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

More From Equities