Abu Dhabi’s stock market extends gains, Dubai lifted by real estate

Abu Dhabi’s stock market rose for a fifth straight session on Monday, led by its biggest lender after strong second-quarter results, while real estate shares buoyed Dubai’s bourse.

Abu Dhabi’s index rose 0.8%, boosted by First Abu Dhabi Bank, which climbed 1.1% in its third straight session of gains after reporting a 5% rise in second-quarter net profit. .

Waha Capital surged 3.9% after appointing Amr al-Menhali as its new chief executive.

In Dubai, the index was up 0.6%. Blue-chip developer Emaar Properties added 1.5%, while Dubai Financial Market gained 2.4% after its second-quarter profit attributable to shareholders rose more than 9%.

Saudi Arabia’s index was flat, with losses in the petrochemical sector outweighing gains for lenders.

The kingdom’s largest petrochemical maker Saudi Basic Industries fell 0.5%, while Saudi Kayan Petrochemical dropped 1.4% after it swung to second-quarter loss, which it blamed on lower product prices and higher financing costs.

Sentiment in the oil market has shifted in recent days, with hedge funds, producers and traders all taking a more bearish tack in response to what they see as weakness in worldwide demand.

Qatar’s index fell 0.3%, pulled down by a 1% drop in petrochemical maker Industries Qatar, and a 2.9% decline in Qatar Electricity & Water Company after its first-half net profit plunged nearly 24%.

Source: Reuters