Real Estate shares lift Dubai, other stocks drop after recent rally

Dubai stocks rose on Monday on the back of real estate shares, while other major Gulf markets eased after recent gains.

The Dubai index rose 0.6%, lifted by its largest listed developer Emaar Properties which gained 1.5%, and Emirates NBD was up 0.4%.

DXB Entertainment added 2% after the theme park company reported a 5% growth in second-quarter visits compared to same period year ago.

In Saudi Arabia, the Tadawul main index slipped 0.3% pressured by banks and petrochemical companies, putting an end to five days of gains mostly triggered by banks after EFG Hermes forecast a higher second-quarter profit for Saudi lenders.

Al Rajhi Bank declined 0.4%, while Riyad Bank lost 0.5% a day after it traded ex-dividend.

In Abu Dhabi, where the index slid 0.3%, snapping nine straight days of gains, Abu Dhabi Commercial Bank dropped 0.9%, while the country’s largest lender First Abu Dhabi Bank was down 0.1%.

Qatar shares fell 0.2%, hurt by a 0.6% fall in market heavyweight Industries Qatar and a 0.3% drop in lender Masraf Al Rayan ahead of its first-half earnings due to come in later on Monday.

Kuwait’s index decreased 0.7%, its second day of loss following a surge in 11 straight sessions after MSCI’s decision to move Kuwaiti equities to its main emerging-market index in 2020.

Source: Reuters