Reuters logo
MIDEAST STOCKS-Most markets edge up, Emaar Malls jumps as Amazon seals deal
March 28, 2017 / 2:01 PM / 10 months ago

MIDEAST STOCKS-Most markets edge up, Emaar Malls jumps as Amazon seals deal

* Regional trading volume generally low

* Emaar Malls had dropped after news of its bid

* Amazon now appears to have won the contest

* Vodafone Qatar jumps in heavy trade

* Saudi Automotive surges in unusually large volume

By Andrew Torchia

DUBAI, March 28 (Reuters) - Most Gulf stock markets edged up on Tuesday although trading volumes were generally low, while Emaar Malls jumped in Dubai after the company appeared to lose a contest with to acquire Middle Eastern online retailer

Emaar Malls added 3.6 percent, outperforming Dubai’s stock index, which dropped 0.2 percent.

The company’s shares had dropped 2.8 percent in the previous two days on news it was making an $800 million bid to acquire e-commerce operator, which could have put it in a bidding war with The U.S. company had agreed in principle to buy

In a report, investment bank Exotix listed possible concerns for minority shareholders in Emaar Malls’ bid, including whether the online retail industry had synergies with retail mall management, and whether buying would be an optimal allocation of capital.

On Tuesday, and said jointly that Amazon had agreed to acquire the Middle Eastern firm, apparently ending the battle.

Seven of Dubai’s most heavily traded stocks fell and two were flat; Emaar Malls was the only gainer among them.

Abu Dhabi’s index edged up 0.1 percent and Qatar rose 0.3 percent, buoyed by Vodafone Qatar, which gained 4.4 percent and was the most heavily traded stock.

The Saudi Arabian index rose 0.3 percent. Saudi Automotive, which offers services to motorists, saw unusually heavy trading and was the most active stock; it surged 4.1 percent.

Riyad Bank lost 1.9 percent and Saudi Public Transport fell 3.0 percent as the two stocks went ex-dividend.

In Kuwait, Kuwait Insurance Co sank 3.6 percent as it went ex-dividend but the market index gained 0.3 percent.



* The index rose 0.3 percent to 6,873 points.


* The index fell 0.2 percent to 3,447 points.


* The index edged up 0.1 percent to 4,470 points.


* The index rose 0.3 percent to 10,462 points.


* The index gained 0.3 percent to 7,052 points.


* The index edged up 0.1 percent to 12,983 points.


* The index fell 1.1 percent to 5,543 points.


* The index dropped 0.4 percent to 1,378 points.

Editing by Louise Heavens

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below