August 30, 2017 / 7:05 AM / a year ago

MIDEAST STOCKS-Eshraq Properties shines on merger talk, Dubai firms

DUBAI, Aug 30 (Reuters) - Abu Dhabi developer Eshraq Properties rose on merger talk on Wednesday, outperforming an otherwise weak local stock index, while Dubai firmed on the back of gains in real estate firms.

Eshraq jumped 2.4 percent on news that it is discussing a potential merger with an Abu Dhabi-based privately held investment firm, Reem Investments.

The Abu Dhabi index was down 0.2 percent as most blue chip stocks fell.

In neighbouring Dubai, the index was up 0.3 percent in very low volumes as DAMAC Properties rose 1.0 percent and Emaar Properties added 0.2 percent.

Qatar’s index was flat, after slipping 0.9 percent the previous day to its lowest close since early July. The largest lender Qatar National Bank rose 0.5 percent, regaining some of Tuesday’s losses.

The Saudi index is closed for a public holiday.

Reporting by Celine Aswad; Editing by Andrew Heavens

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