Real Estate shares aid Dubai stocks; other Gulf mixed

Dubai’s stocks extended gains early on Wednesday as most of its real estate stocks rose, while other major Gulf markets were mixed.

In Dubai, the index rose 0.3 percent as Deyaar Development gained 3.6 percent and Emaar Properties added 0.2 percent.

Among other stocks, Emirates Integrated Telecommunications gained 1.5 percent and Dubai Islamic Bank was up 0.2 percent. On Tuesday, the bank called its board meeting on November 25 to discuss the acquisition of Noor Bank.

Air Arabia opened up 1.4 percent, extending gains for a third consecutive day. On Monday, the budget airline announced an order for 120 Airbus A320neo-family jets in a deal worth about $14 billion.

In Saudi Arabia, the index was flat with petrochemical and telecoms shares moving sideways.

The kingdom’s largest petrochemical maker, Saudi Basic Industries, fell 0.4 percent. Saudi Telecom was up 0.5.

Arabian Centres advanced 2 percent. The Saudi mall operator issued $500 million of international sukuk, or Islamic bonds, with a five-year maturity.

The Qatari index was down 0.6 percent. Industries Qatar dropped 0.8 percent and Qatar National Bank was down 0.6 percent.

The Abu Dhabi index retreated 0.3 percent with Emirates Telecommunications losing 1 percent and Abu Dhabi Commercial Bank was down 0.9 percent.

Source: Reuters

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