Real estate sector lifts Gulf stock markets in early trade

The real estate sector helped lift stock markets in the United Arab Emirates and Qatar during Sunday’s early trade, as some risk appetite started to return after Gulf markets sold off at the end of last week.

Dubai’s index rose 2.0 percent, recovering most of its 2.6 percent losses on Thursday. Developers Emaar Properties and DAMAC Properties each advanced more than 2.5 percent.

Drake & Scull was up 3.9 percent after the construction company posted a quarterly net profit of 14.7 million dirhams ($4 million); an analyst at SICO Bahrain had forecast a net loss of 38.6 million dirhams.

In Abu Dhabi, the benchmark edged up 0.1 percent in modest volume with RAK Properties and Eshraq Properties each up more than 3.0 percent.

But blue chips First Gulf Bank and Abu Dhabi Islamic Bank were sold, falling 1.3 percent and 0.9 percent respectively.

Real estate-related stocks also helped lift Doha’s index , which was up 1.6 percent as Barwa Real Estate and Ezdan Holding Group each rose more than 2.5 percent.

Source: Reuters