Dubai stocks rose on Wednesday, led by property shares, for a third consecutive day of gains. Financial stocks helped Saudi shares.
The Dubai index was up 0.2%. The country’s largest listed developer, Emaar Properties, rose for a third day, gaining 0.8%, after securing a deal in China for an $11 billion project. Emaar Mall was up 2%.
Dubai Financial Market also rose for a third day, by 4.4%, after reporting higher second-quarter profit.
The Saudi index gained 0.2% after four days of losses. Saudi Telecom rose 0.9% and Saudi British Bank 1.2%.
On Monday, Saudi Telecom reported higher second-quarter profit. Consolidated revenue increased while revenue cost declined.
Tabuk Cement climbed 2.4% after it swung to a second-quarter profit. Revenue grew as average selling prices improved.
Qatar’s index rebounded 0.1%. Qatar Islamic Bank gained 0.5% and Masraf Al Rayan added 0.5%.
Qatar’s United Development was up 0.7% before it meets to approve first-half financials.
In Abu Dhabi, the index traded flat after six straight days of gains.
Emirates Telecommunications Group shed 0.5% after reporting lower second-quarter revenue on Tuesday. Eshraq Investments slipped 0.7% as its second-quarter profit dropped.
Source: Reuters
