Mideast Stock: Real estate helps Dubai outperform big Gulf bourses

Dubai index gains for a fifth session

  
An investor monitors an electronic board displaying stock information at the Dubai Financial Market June 13, 2013.

An investor monitors an electronic board displaying stock information at the Dubai Financial Market June 13, 2013.

REUTERS/Ahmed Jadallah

The Dubai stock market closed higher on Sunday, buoyed by gains in property shares, while strong first-quarter earnings from Commercial International Bank led gains in Egypt.

Dubai's main share index ended up 1.3%, extending gains for a fifth consecutive session, boosted by a 2.7% rise in Emaar Properties.

House prices in Dubai are expected to rise for the first time in six years in 2021, supported by a swift vaccine rollout that has lifted hopes for economic recovery, a Reuters poll of property analysts showed. 

DAMAC Properties jumped 3.7%.

Egypt's blue-chip index gained 0.7%, with its top lender Commercial International Bank (COMI) up 2.8% after posting net income of 2.87 billion Egyptian pound ($184 million) for the first-qaurter, a 20% rise year-on-year. 

Saudi Arabia's benchmark index closed flat, as gains in property and petrochemicals were offset by declines in banks.

Elsewhere, Alkhorayef Water and Power Technologies fell more than 5% after a quarterly net profit drop.

In Abu Dhabi, the index added 0.4%, with the country's largest lender First Abu Dhabi Bank rising 0.6%, while Abu Dhabi National Oil Company For Distribution advanced 1.9%.

ADNOC Distribution named Bader Al Lamki as its new chief executive on Thursday, effective May 27. 

The Qatari benchmark fell 0.4%, hit by a 1% fall in Qatar Islamic Bank and a 1.9% decline in Qatar International Islamic Bank .

($1 = 15.6000 Egyptian pounds)

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


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