Mideast Stocks: Property, banking stocks boost Dubai; Saudi index falls

Dubai Investments extends gain on earnings

An investor is seen at the Dubai International Financial Market, in Dubai, UAE April,16, 2018.

An investor is seen at the Dubai International Financial Market, in Dubai, UAE April,16, 2018.

REUTERS/Satish Kumar

Most major stock markets in the Gulf closed higher on Monday, with the Dubai index outperforming the region on the back of property and banking shares, while the Saudi bourse was dragged down by material and financial stocks.

The Dubai index rose 1.1%, as blue-chip developer Emaar Properties added 1.8% and Dubai Islamic Bank gained 1.4%, snapping a four-session losing streak.

Dubai Investments jumped 2.6%, extending gains from the previous session, a day after the diversified investment group swung to a quarterly net profit of 123.8 million dirhams ($33.71 million). 

Saudi Arabia's benchmark index fell for a straight third day, losing 0.5%, as the country's biggest lender The Saudi National Bank and petrochemical firm Saudi Basic Industries 2010.SE shed 1.3% and 1.2%, respectively.

The slide was capped by Dr Sulaiman Al-Habib Medical Services Group adding 0.8%, a day after announcing a new hospital project, and consumer food and beverages firm Almarai Co rising 1.5% on plans to invest 6.6 billion riyals to expand its poultry segment. 

Abu Dhabi's index rose 0.3% as Emirates Telecommunications Group added 0.6%, rising for a second day after reporting a nearly 8% increase in first-quarter profit on Thursday. 

Abu Dhabi Islamic Bank closed 2.9% higher, its sharpest intra-day gain since Feb. 25, after it reported first-quarter profit that more than doubled on Sunday. 

The Qatari index closed up 0.3% after three days of consecutive declines as Industries Qatar and United Development added 1.7% and 2.3%, respectively.

** Egypt's exchange was closed for a public holiday. 

($1 = 3.6728 UAE dirham)

(Reporting by Maqsood Alam in Bengaluru; Editing by Ramakrishnan M.) ((Maqsood.Alam@thomsonreuters.com;))

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