Dubai stock market falls for fourth day, banks aid Saudi

The Dubai stock market fell for a fourth straight session to a 34-month low on Tuesday morning as real estate shares continued to slide, while Saudi Arabia inched up on support from recovering bank stocks.

In Dubai, the index fell 1.0 percent to 2,699 points, its lowest level since January 2016. Emaar Properties shed 1.9 percent after a unit agreed to sell five hospitality assets in Dubai for an undisclosed amount to Abu Dhabi National Hotels, which did not trade.

Emirates NBD, Dubai’s largest bank, lost 2.2 percent.

The Saudi index added 0.4 percent in the first hour, however, with Arab National Bank gaining 1.2 percent and top petrochemical producer Saudi Basic Industries rising 0.5 percent.

Saudi Industrial Export surged 9.9 percent after Al Jouf Cement extended its sale and marketing contract with the company for a year; Al Jouf was up 0.5 percent. Saudi Industrial Export has swung widely in speculative trade since early October, and on Monday posted its largest trading volume since April 2013.

Qatar’s index was flat with Qatar First Bank rising 2.5 percent and Industries Qatar shedding 0.4 percent.

Source: Reuters

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