Emaar’s gain lifts Dubai’s stock market, Saudi shares fall by banks

Dubai’s stock market rose on Tuesday, partly lifted by its largest listed real estate developer Emaar Properties, while Saudi Arabia’s shares slipped, weighed down by banks.

The Dubai index continued its winning streak for a fourth straight session, rising 0.8 percent, with Emaar Properties gaining 3.2 percent.

Emirates NBD, Dubai’s largest lender, was up 0.5 percent, as one of its businesses will list on the London Stock Exchange.

Payments processor Network International said shares in its initial public offering (IPO) would be priced at between 395 pence and 465p each, implying a valuation of between 1.9 billion pounds and 2.3 billion ($2.5-3.0 billion).

Emirates NBD is the major shareholder in the firm, holding about 51 percent. The IPO will comprise the secondary sale of shares by Emirates and WP/GA Dubai IV B.V.

Dubai-based Drake & Scull International said it had put off its shareholders meeting to April 08, citing a lack of quorum.

The meeting was called to discuss the firm’s restructuring plan and vote on authorizing the sale and closure of certain branches of the company and its units. The stock traded flat in the morning session.

The Saudi index edged down 0.3 percent, with Saudi British Bank losing 1.7 percent as the stock traded ex-dividend. Banque Saudi Fransi lost 1.2 percent.

Batic Investments and Logistics dipped 0.3 percent after its agreement to buy a minority stake in Al Muhaidib Land Transport and Himmah Logistic was terminated, blamed on differences between the parties involved.

In Qatar, the index added 0.6 percent, with Qatar National Bank, the largest bank by assets in the Middle East and Africa, rising 0.2 percent.

Mesaieed Petrochemical Holding gained 3.1 percent to its highest since August 2015. The firm is eligible for inclusion in MSCI’s emerging market index in May, which is expected to result in passive inflows of $230 million, Arqaam Capital said in a note on Monday.

Qatar Gas Transport added 0.4 percent after CI Capital raised its target price to 24 riyals with a rating of “overweight”.

Abu Dhabi’s index was up 0.1 percent, led by a 0.4 percent rise in country’s largest lender First Abu Dhabi Bank .

Energy firm Dana Gas rose 1 percent. On Sunday the company said it had received $19 million from Egypt as a part of the government’s efforts to reduce monies owed to zero in 2019. ($1 = 0.7667 pounds) ($1 = 3.6405 Qatar riyals) ($1 = 3.7504 riyals)

Source: Reuters