Middle East Shares Mixed, Dubai Jumps on Emaar Properties Rally
MidEast stocks were mixed, with Dubai rallying on the back of Emaar Properties. Firmer oil price also lent support.
Oil prices gained after a report showed crude inventories fell in the United States and amid a cut in Libyan exports and an OPEC-led deal to trim output.
Emaar said it had started business development operations in China. Reuters also noted at 5.4 times trailing earnings, the stock is cheap.
In other company news, Takaful Emarat saw Goldilocks Investment, part of Abu Dhabi Financial Group, buy a 29.5% stake in the firm.
El Sewedy Electric rose off a trading halt after details of a deal it signed to participate in construction of a $3 billion dam in Tanzania.
Saudi Steel Pipes and Arabian Pipes said they won contracts to supply pipes to Saudi Aramco.
Doha Bank will cut its exposure to construction companies to 10% from 17% of lending in the next three years, as part of an effort to adjust to a building industry downturn following a slump in oil prices , its chief executive told Reuters on Tuesday.
Saudi Arabia’s main index firmed 0.7% to 7,890 points, Dubai jumped 1.5% to 2,573 points, Abu Dhabi added 0.5% to 4,838 points, Qatar shed 0.5% to 10,434 points, Egypt gained 1.5% to 12,857 points, Kuwait dropped 0.4% to 5,388 points, Bahrain inched up 0.2% to 1,320 points and Oman declined 0.3% to 4,482 points.
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