July 16, 2018 / 8:26 AM / a year ago

MIDEAST STOCKS-Gulf markets mixed as Dubai rises on property shares

DUBAI, July 16 (Reuters) - Gulf markets were mixed early on Monday with Dubai and Abu Dhabi shares in positive territory despite a backdrop of lower oil prices.

Oil prices fell as the market shifted focus from concerns over supply disruptions to potential production increases from Russia and other oil producers.

In Dubai, the index was up 0.4 percent, helped by gains in property shares. Major developer’s Emaar Properties and DAMAC Properties were up 1.6 percent and 1.4 percent, respectively.

Emirates Integrated Telecommunications (du) <DU.DU, which is scheduled to report its second quarter results on July 19, was down 0.6 percent.

Abu Dhabi’s index was 0.2 percent higher with Emirates Telecom (Etisalat) up 0.9 percent and First Abu Dhabi Bank (FAB) up 0.4 percent.

Abu Dhabi National Energy (TAQA) was down 1.6 percent and Dana Gas was 1.9 percent lower.

In Saudi Arabia, the main index was down 0.03 percent as petrochemical company Saudi Basic Industries traded 0.3 percent higher and Al Rajhi Bank was up 0.8 percent.

Qatar was up 0.04 percent. Petrochemicals, metals and fertiliser producer Industries Qatar was up 1.0 percent. Telecom Oredoo and developer Masraf Al Rayan were down 0.8 percent and 0.6 percent, respectively. (Reporting by Alexander Cornwell; Editing by Toby Chopra)

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