The start of a major international real estate exhibition in Dubai on Monday boosted shares in some second-tier developers, helping to drive broader market gains there.
The Dubai index climbed 0.3 percent as Union properties, the most heavily traded stock, added 1.7 percent and Deyaar gained 1.5 percent. The biggest developer, Emaar Properties DU>, lagged, edging up 0.2 percent.
Direct sales of United Arab Emirates properties are being allowed at this year’s annual Cityscape exhibition in Dubai for the first time in a decade. Deyaar said in a stock exchange statement on Monday that it was launching a new 1 billion dirham ($272 million) residential and hotel project at Cityscape.
Saudi Arabia’s index climbed 0.4 percent as Nama Chemicals, which had surged 9.5 percent in unusually heavy trade on Sunday, added a further 4.8 percent to 22.48 riyals but shied away from technical resistance at its May peak of 23.22 riyals.
Petrochemical stocks were strong in general after oil prices rose slightly overnight in response to the Saudi Arabian oil minister discussing the possible extension of a pact to cut global oil supplies beyond March 2018. Top producer Saudi Basic Industries was up 0.6 percent.
Saudi British Bank climbed 1.6 percent to 27.90 riyals after Morgan Stanley raised the stock to “overweight” from “equal-weight” and lifted its target price to 32.50 riyals from 31 riyals.
Qatar’s index, which fell to an 18-month closing low on Sunday, dropped a further 0.4 percent as Qatar National Bank , the biggest lender, lost 1.1 percent. Source: Reuters