Mideast Stocks: Emaar lifts Dubai; Egypt declines on banks

Qatar extends losses

  
A man is seen at Dubai Financial Market in Dubai, United Arab Emirates September 16, 2019. Image used for illustrative purpose

A man is seen at Dubai Financial Market in Dubai, United Arab Emirates September 16, 2019. Image used for illustrative purpose

REUTERS/Christopher Pike

Dubai's stock market closed higher on Monday after blue-chip developer Emaar Properties reported strong property sales, while the Egypt index was weighed down by a drop in its biggest lender Commercial International Bank.

The main share index in Dubai rose 0.7%, boosted by a 1.5% rise in Emaar Properties after the company posted a more than three-fold jump in property sales for the first five months of 2021. 

In Abu Dhabi, the index was up 0.3%, as telecom operator Emirates Telecommunications Group rose 0.5% and market heavyweight First Abu Dhabi Bank gained 0.2%.

Saudi Arabia's benchmark index closed 0.3% higher, supported by a 1.7% rise in Dr. Sulaiman Al-Habib Medical Services Group.

Saudi Aramco was up 0.1% after news that the oil giant has hired banks to arrange its inaugural issuance of U.S. dollar-denominated sukuk, as it seeks cash to fulfil large commitments to its major shareholder, the Saudi government. 

Qatar's index lost 0.3% to record its third straight session of losses, as the Gulf's largest lender, Qatar National Bank, dropped 0.6% and petrochemical maker Industries Qatar ended 0.6% lower.

QNB on Friday signed an agreement with Moscow-based asset manager VTB Capital Investments to launch funds to attract foreign capital into Russia and Qatar and build offerings for international investors. 

Outside the Gulf, Egypt's blue-chip index closed 0.2% lower as the country's largest lender, Commercial International Bank, declined 3% and Fawry For Banking Technology and Electronic Payment fell 3.5%.

($1 = 3.6726 UAE dirham)

($1 = 3.7502 riyals)

(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Aditya Soni) ((shamsuddin.mohd@thomsonreuters.com; +918067497252;))


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