June 11, 2018 / 12:56 PM / 3 months ago

MIDEAST STOCKS-Emaar sends Dubai higher; other markets have mixed fortunes

* Dubai jumps backed by Emaar solid gains

* Abu Dhabi rises but trading is weak

* Saudi, Qatar down on profit taking ahead of holiday

By Marwa Rashad

RIYADH, June 11 (Reuters) - Dubai’s stock market extended its rally on Monday, backed by solid gains from property developer Emaar, whereas other markets in the region closed mixed amid muted trading and profit taking ahead of the Eid holiday.

The Dubai index jumped 1.4 percent, continuing its rally since the emirate announced a series of initiatives to reduce corporate costs and stimulate growth.

The index’s main support came from a 4.1 percent jump by property developer Emaar and a 1.2 percent rise by Dubai Islamic Bank which rallied for the second session in a row after its 5.1 billion dirham rights issue was nearly three times oversubscribed.

Arabtec fell 1.7 percent, as traders took profit following a two-day rally that sent the shares more than 10 percent higher.

The Abu Dhabi index added 0.9 percent - albeit amid soft trading - backed by First Abu Dhabi Bank which rose 1.6 percent and property developer Aldar, up 1.4 percent.

Saudi and Qatar were in weaker territory, most likely due to profit taking ahead of Eid holiday that marks the end of the Muslim fasting month of Ramadan.

Trading in the Gulf is usually muted ahead of holidays as some traders cash in shares and are generally cautious of any developments in global markets during the closure of their bourses.

Eid holiday begins on Wednesday in the Saudi market and on Thursday in UAE markets, extending into the first few days of next week.

The Saudi index lost 0.4 percent with 114 declining stocks out of 176 being traded during the session.

Property developer Jabal Omar and telecoms firm Mobily fell 2 percent an 5.9 percent respectively.

Petrochemicals firm SABIC and Riyad Bank rose 0.8 percent and 1.4 percent respectively.

In Doha, the index closed 0.2 percent down, squeezed by losses among financial stocks.

Qatar National Bank and Qatar Islamic Bank lost 1.4 percent and 0.5 percent respectively while Industries Qatar rose 1.4 percent.

In Egypt, the index fell 1.4 percent with 21 of its 30 listed stocks incurring losses ranging between 0.1 and 6.1 percent.

SAUDI ARABIA

* The index fell 0.4 percent to 8,243 points.

DUBAI

* The index jumped 1.4 percent to 3,243 points.

ABU DHABI

* The index added 0.9 percent to 4,733 points.

QATAR

* The index fell 0.2 percent to 9,203 points.

KUWAIT

* The index shed 0.6 percent to 4,754 points.

BAHRAIN

* The index added 0.5 percent to 1,281 points.

OMAN

* The index was flat at 4,603 points.

EGYPT

* The index fell 1.4 percent to 15,921 points. (Reporting by Marwa Rashad Editing by Keith Weir)

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