Mideast Stocks: Property shares buoy Dubai index; Abu Dhabi eases

Dubai's main share index advanced 1.1%

  
Electronic boards showing stock information are pictured at the stock market, in Dubai, United Arab Emirates, November 5, 2020. Image used for illustrative purpose

Electronic boards showing stock information are pictured at the stock market, in Dubai, United Arab Emirates, November 5, 2020. Image used for illustrative purpose

REUTERS/Abdel Hadi Ramahi

Dubai shares rose in early trade on Tuesday, boosted by real estate stocks, while the Abu Dhabi index retreated from a record high hit in the previous session.

Dubai's main share index advanced 1.1%, buoyed by a 3.2% rise in blue-chip developer Emaar Properties, while its unit Emaar Malls  jumped 4.7%, following a sharp rise in quarterly earnings. 

Emaar Properties, which owns close to 85% of Emaar Malls, will buy out minority shareholders of the unit and delist the business by this year-end.

Dubai Financial Market declined 2.5% and was set to end a six-day winning streak triggered after the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings.

In Abu Dhabi, the index eased 0.1% from a record high hit a day earlier, with conglomerate International Holding Co falling 0.3%.

Abu Dhabi National Oil Co for Distribution reported a decline in quarterly earnings. However, the stock traded flat.

Saudi Arabia's benchmark index fell 0.1%, hit by a 0.7% drop in Saudi Telecom Company and a 0.3% decrease in oil giant Saudi Aramco.

The kingdom is in talks with banks to amend the terms of a $16 billion loan due in 2023 and possibly reduce the size of the facility, sources said, as the world's top oil exporter looks to cut outstanding government debt and improve its balance sheet. 

The Qatari index added 0.2%, with Islamic lender Masraf Al Rayan rising 0.5% and Commercial Bank gaining 0.6%.

Qatar's government budget recorded a surplus of 0.9 billion riyals ($247 million) in the third quarter, boosting the nine-month surplus in 2021 to 4.9 billion riyals, as higher energy prices increased the Gulf nation's revenue. 

Qatar is one of the world's top liquefied natural gas exporters.

($1 = 3.6728 UAE dirham)

($1 = 3.6457 Qatar riyals)

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


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