Dubai stocks lifted by real estate shares, other Gulf muted

Dubai stocks outperformed their Gulf peers on Wednesday buoyed by real estate shares, while most other markets were quiet ahead of corporate earnings announcements expected to accelerate from next week.

The Dubai index rose 1% with Emaar Properties , its largest listed developer, adding 2.4%, while Dubai Islamic Bank was up 1%.

Emaar Properties has been rising since Monday after its Egyptian subsidiary Emaar Misr Development initially agreed with El Nasr Housing and Development to settle a dispute on Uptown Cairo land.

In Qatar, the index increased 0.1% with Qatar National Bank gaining 1.1% and Qatar Gas Transport rising 0.9% ahead of their first-half earnings scheduled later on Wednesday.

Kuwait’s index was up 0.3%, continuing its winning streak for the 10th straight session triggered by an MSCI decision that it would move Kuwaiti equities to its main emerging market index in 2020.

Kuwait has outperformed its Gulf peers in anticipation of the MSCI move, gaining nearly 28% year-to-date.

The Saudi index was flat with losses from banks offsetting the gains of consumer firms.

National Commercial Bank slipped 0.4%, while Savola Group gained 1% after the kingdom’s largest food products company said on Tuesday it had raised 1 billion riyals ($267 million) in Islamic bonds.

The Abu Dhabi index traded flat but Aldar Properties increased 2% after the firm was awarded 5 billion dirhams ($1.36 billion) of development projects from the Abu Dhabi government. ($1 = 3.7503 riyals) ($1 = 3.6728 UAE dirham)

Source: Reuters