December 18, 2018 / 1:45 PM / 6 months ago

MIDEAST STOCKS-Gulf indexes fall on weak oil prices, real estate dampens Dubai

* Dubai suffers worst one-day drop since June

* DAMAC Properties slides to lowest since February 2015

* Telecom Egypt continues to gain on 2019 revenue forecast

* Saudi’s Bank Albilad rises on capital increase plan

By Shakeel Ahmad and Ateeq Shariff

Dec 18 (Reuters) - The Dubai stock market fell sharply on Tuesday to post its biggest one-day loss since June as real estate stocks slid, while tumbling oil prices dragged down all major Gulf bourses.

Oil prices fell 4 percent after reports of swelling inventories and forecasts of record U.S. and Russian output combined with a sharp sell-off in stock markets as the outlook for global growth deteriorated.

In Dubai, the index dropped 2.1 percent with the emirate’s largest lender, Emirates NBD, shedding 4.6 percent and its biggest listed developer, Emaar Properties , falling 2.3 percent.

DAMAC Properties plunged 6.3 percent to its lowest level since February 2015. Dubai inflation data released on Monday showed housing and utility costs falling 4.7 percent year-on-year, their biggest decline in years.

Nasdaq-Dubai listed DP World was down 0.8 percent. The firm approached an Indian court to quash an antitrust investigation into its alleged anti-competitive behaviour at the country’s largest container port in Mumbai, Reuters reported.

Dubai’s main index is the worst performing in the Middle East and North Africa this year, down more than 25 percent and close to its lowest levels since 2013.

Egypt’s blue-chip index fell 0.7 percent, mirroring a slide in emerging markets generally. Banks continued to decline with Egypt’s largest lender, Commercial International Bank, shedding 0.6 percent.

Arab Cotton Ginning lost 3.0 percent after its first-quarter profit dropped over 96 percent.

Global Telecom added 4.4 percent while Telecom Egypt climbed 3.3 percent, continuing to surge after saying on Monday it expects revenue growth in the mid-to high single digits in 2019. The firm also expects 2018 revenue to beat guidance.

The Abu Dhabi index slipped 0.8 percent with First Abu Dhabi Bank, the United Arab Emirates’ biggest lender, falling 1.3 percent. Eight staff have been cut by FAB Securities, a unit of First Abu Dhabi, Reuters reported, citing sources.

Abu Dhabi National Energy Co slumped 9.1 percent to its lowest level since April 2018.

Dana Gas added 1.9 percent after saying it had received $20 million from the Egyptian government. The firm’s total receipts from Egypt reached $152 million for the year.

The Saudi Arabian index lost 0.3 percent with the largest lender, National Commercial Bank, dropping 2.1 percent and Yanbu National Petrochemicals slipping 2.4 percent.

Telecommunications firm Etihad Etisalat (Mobily) was down 2.1 percent, continuing to drop after disclosing a new system of royalty payments to the government on Sunday.

However, Saudi Company for Hardware jumped 6.3 percent after shareholders approved a capital increase to 360 million riyals ($96 million) through a bonus share issue.

Bank Albilad gained 3.2 percent after its board recommended an increase in the bank’s capital to 7.50 billion riyals from 6 billion riyals through bonus shares.

The Qatar stock exchange was closed for a public holiday. SAUDI ARABIA * The index was down 0.3 percent at 7,943 points DUBAI * The index lost 2.1 percent to 2,511 points ABU DHABI * The index shed 0.8 percent to 4,829 points EGYPT * The index fell 0.7 percent to 13,121 points KUWAIT * The index was down 0.8 percent at 5,358 points BAHRAIN * The index fell 0.4 percent to 1,314 points OMAN * The index was down 0.7 percent at 4,379 points (Editing by Andrew Torchia; Editing by Kirsten Donovan)

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