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
