Real estate markets weigh on Dubai, other Gulf mixed

Dubai’s stock market fell on Sunday to extend losses for a fourth session hurt by real estate shares while other major Gulf markets were mixed.

The Dubai index dropped 0.5 percent weighed down by its largest lender Emirates NBD which fell 0.8 percent and a 0.6 percent fall in Emaar Properties.

A weakening property market in the United Arab Emirates is likely to put more pressure on the asset quality of the banking sector, Fitch Ratings agency said.

The Saudi index rose 0.1 percent. Al Rajhi Bank rose 0.5 percent and Seera Group Holding jumped 3.6 percent as Saudi Arabia opened to foreign holidaymakers.

The kingdom on Friday launched a new visa regime for 49 countries and appealed to foreign companies to invest in a sector it hopes will contribute 10 percent of gross domestic product by 2030.

Other stocks related to tourism also rose following the news.

Qatar index rose 0.2 percent with Qatar National Bank , the Gulf’s largest lender, gaining 0.5 percent and Qatar Islamic Bank up 0.5 percent.

Rating agency Moody’s on Tuesday said the outlook for Qatar banking sector remained stable as infrastructure spending drives economic growth.

Abu Dhabi index traded flat with Emirates Telecommunications up 0.6 percent and First Abu Dhabi Bank down 0.3 percent.

Source: Reuters