Mideast Stocks: Dubai leads major Gulf markets lower

Dubai's main share index declined 1.4%


Most stock markets in the Gulf traded lower on Tuesday, with the United Arab Emirates (UAE) leading the way as rising coronavirus cases in the country dented sentiment.

The number of daily coronavirus cases in the UAE, a federation of seven emirates, has tripled in the past month. On Monday authorities registered 3,579 new infections and nine deaths. They do not provide a breakdown per emirate.

Dubai's main share index declined 1.4%, dragged down by a 2% fall in blue-chip developer Emaar Properties and a 1.6% drop in sharia-compliant lender Dubai Islamic Bank.

In Abu Dhabi, the index fell 0.9%, hit by a 0.9% decline in the country's largest lender First Abu Dhabi Bank and a 2.1% drop in Aldar Properties.

Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum appointed Awad Saghir al-Ketbi as the new director general of the Dubai Health Authority, replacing Humaid al-Qutami, according to a statement issued on Sunday. No reason for the change was given. 

Saudi Arabia's benchmark index fell 0.3%, with Al Rajhi Bank down 0.7% and top lender National Commercial Bank falling 0.9%.

The Qatari index edged down 0.2%, on course to extend losses for a fourth session. Qatar Insurance retreated 1.9%, while Qatar Islamic Bank was down 0.4%.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten Donovan) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

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