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Dubai’s stock market rose sharply on Wednesday, helped by real estate shares, while Qatar gained on the back of its banks, even as the rest of the Middle East was largely quiet.
In Dubai, the index climbed 1.2 percent, with Emaar Properties advancing 2.5 percent to 5 dirhams and DAMAC Properties rising 3.6 percent. Arqaam Capital said in a report on Tuesday that while there were no real signs of improvement in the Dubai property market in the third quarter, earnings might be nearing the trough of their cycle. It recommended a “buy” rating for Emaar with a target price of 8.40 dirhams. Dubai Islamic Bank added 0.2 percent after its third-quarter profit rose 10.8 percent, in line with analysts’ estimates. Emirates NBD gained 2.5 percent.
The Saudi Arabian index fell 0.9 percent, weighed down by blue chips such as Al Rajhi Bank, which fell 1.9 percent, and SABIC, which dropped 1.3 percent.
But Bawan Co, which has been trading at record lows, climbed 3.5 percent after its unit signed an agreement to supply Saudi Electricity Co. with substations for SR269.8 million ($72 million). The company said the financial impact of the deal would appear in the first half of 2019.
Saudi Industrial Export jumped 10 percent after approving a capital increase through a rights offer. The rights issue will begin trading on Oct. 15. Egypt’s blue-chip index, which has fallen 15 percent since the end of August, was up 0.2 percent as Commercial International Bank rebounded 1 percent.
The MSM30 index ended lower to close at 4451.65 points, down by 0.20 per cent. MSM Sharia Index closed at 604.13 points, down by 0.27 per cent. Bank Nizwa was the most active in terms of volume while
Times of Oman
Deyaar Properties on Tuesday witnessed its highest trade volumes since February on the Dubai Financial Market (DFM), while Eshraq Properties continued its strong momentum on the Abu Dhabi Securities
Qatar’s index jumped 2.0 percent to 10,032 points, its highest since May 2017, testing technical resistance just above 10,000 points, where it peaked in August and September this year.
Kuwait stocks slipped into red on Tuesday, erasing last session’s gains. The All Shares Index dropped 20.9 pts in choppy trade to 4994.31 pts as sentiment turned soggy. Most of the blue chips closed
Saudi stocks made a strong comeback on Monday.
The Tadawul All-Shares Index (TASI) surged 4.04 percent at close.
It closed at 7568 points amid active trading with a total value of about S