August 28, 2018 / 8:15 AM / in a year

MIDEAST STOCKS-Saudi posts third-day of gains, Dubai weak on Emirates NBD

ABU DHABI, Aug 28 (Reuters) - The Saudi index edged up 0.13 percent on Tuesday morning trade, staying in positive territory for the third day running, while Dubai stocks fell, driven by Emirates NBD and Emaar Properties

The Saudi market, which has added 10.94 percent in the year-to-date, has been buoyed by inflows of foreign funds in anticipation of Riyadh joining emerging market indexes next year. Recent exchange data indicates those inflows have slowed but not halted as stock valuations have risen.

Saudi Telecom rose 0.6 percnet and Samba Financial climbed 0.5 percent.

In Dubai, the index lost 0.18 percent, as Emirates NBD fell 2.11 percent as investors remained anxious about its deal in May to buy Turkey’s Denizbank in a $3.2 billion deal. Property developer Emaar dropped 0.20 percent.

The Abu Dhabi index rose 0.17 percent aided by Adnoc Distribution which rose 1.3 percent and Aldar Properties’ 1.1 percent jump.

Qatar’s index also was up 0.42 percent with Qatar National Bank up 0.6 percent.

“Markets continue to move sideways with no clear catalyst to change the current status quo and liquidity continues to be low,” said an Abu Dhabi-based brokerage head. (Reporting by Stanley Carvalho)

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