Mideast Stocks: Major Gulf markets gain; banking, real estate shares boost UAE

Dubai's main share index rose 0.5%, with its largest lender Emirates NBD rising 0.7% and blue-chip developer Emaar Properties was up 1.1%

  
Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

REUTERS/Ahmed Jadallah

Major Gulf stock markets rose in early trade on Tuesday, with banking and real estate shares helping indexes in the United Arab Emirates.

Dubai's main share index rose 0.5%, with its largest lender Emirates NBD rising 0.7% and blue-chip developer Emaar Properties was up 1.1%.

Elsewhere, Arabtec Holding advanced 2.8%. The region's largest listed contractor appointed Waleed Ahmed Al Mokarrab Al Muhairi as chairman.

The Abu Dhabi index traded 0.5% up, as the country's largest lender First Abu Dhabi Bank gained 0.9%, while Abu Dhabi Islamic Bank  was up 1.3%, a day after the sharia-compliant lender said it had raised its foreign ownership limit to 40% from 25%.

However, the gains were capped by losses at Abu Dhabi National Energy Company, which retreated 1.7% after announcing financial closing of its largest independent gas-fired power plant in the United Arab Emirates.

Saudi Arabia's benchmark index added 0.2%. Riyad Bank gained 1.6% and oil giant Saudi Aramco was up 0.5%.

In Qatar, the index rose 0.4%, driven by a 0.8% gain in Qatar Islamic Bank and a 0.7% increase in the Gulf's largest lender Qatar National Bank.

The number of confirmed coronavirus cases in Qatar exceeded 100,000 on Monday, its health ministry said.

With a population of about 2.8 million people, the energy-rich Gulf state has one of the world's highest per capita numbers of confirmed cases.

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

More From Equities