Advertisement

UPDATE 1-MIDEAST STOCKS-Property shares lead Dubai up; other Gulf markets quiet

(Updates with market opening)

DUBAI, April 6 (Reuters) - Real estate-related shares led Dubai's stock market higher in early trade on Monday while other Gulf markets moved little in queit trade.

The Dubai stock index .DFMGI climbed 0.6 percent, buoyed in part by last week's poor U.S. jobs data, which appeared to reduce chances that the U.S. Federal Reserve would hike interest rates anytime soon.

Gulf economies will probably imitate U.S. monetary policy because of their currency pegs, and a delay to monetary tightening is positive for real estate investors.

Union Properties UPRO.DU climbed 4.0 percent and Gulf General Investment Co GGIC.DU , which has major property development interests, gained 2.0 percent.

Advertisement
DAMAC DAMAC.DU , which surged 8.0 percent on Sunday after it said it would consider taking an equity stake in a project to build a 50-storey mixed-use tower in central London - its entry into Britain's property market - added a further 3.7 percent. It was again Dubai's most heavily traded stock.

Abu Dhabi's index .ADI edged down 0.1 percent while the Qatari .QSI and Kuwaiti .KWSE indexes were flat.

(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))

Keywords: STOCKS MIDEAST/


Advertisement

Most Popular

In the last 24 hours

Advertisement
Advertisement