September 8, 2019 / 1:54 PM / 3 months ago

MIDEAST STOCKS-Most Gulf markets drop, Dubai leads losses

    * Dubai's ENBD snaps four days of gains
    * Property shares also weak in Dubai
    * Aldar rises on a residential project launch
    * Cleopatra Hospital drops on lower Q2 Profit
    * Egyptian Resort falls as Q2 loss widens

    By Maqsood Alam 
    Sept 8 (Reuters) - Most Gulf markets fell on Sunday, pulled down by
financial shares, while Dubai’s stock market unperformed regional peers as its
top lender Emirates NBD broke a four-day winning streak. 
    Dubai's index closed 0.7% lower with Emirates NBD falling 2.9%.
    The bank's shares have risen in recent sessions after NBD raised its foreign
ownership limit to 20% from 5% and announced its intention to further hike the
limit to 40% in future.
    Dubai's developers also weighed on the index as DAMAC Properties
and contractor Arabtec Holding both shed 1.2%.
    Dubai house prices are expected to decline sharply this year and next as a
slowdown in the economy and an oversupply of housing units pose big downside
risks to their already weak outlook, a Reuters poll found.
    Dubai's property prices have contracted by 25-35% since a mid-2014 peak.
    In Saudi Arabia, the index reversed course to close roughly flat as
financial stocks also slipped back into negative territory.
    Samba Financial Group and Saudi British Bank both fell
2.4%.
    The market's 2019 gains were as high as 20% in May, outperforming most
regional markets ahead of the inclusion of Saudi stocks in the MSCI that
attracted billions of dollars from foreign investors, who have been net buyers
every month this year.
    However, the index has reduced its gains for the year to 2.9% as the
U.S.-China trade dispute and regional geopolitics hurt investor sentiment. 
    Middle East funds plan to reduce investment in Saudi Arabia, a Reuters poll
showed late last month.
    In Abu Dhabi, the index was down 0.2% in a drag led by market
heavyweight Abu Dhabi Commercial Bank which lost 1.6%. 
    However, Al Dar properties closed 0.9% up after launching a
residential project on the Saadiyat island that it said would be open to all
nationalities.
    This is the first development on the Saadiyat island since the introduction
of new laws enabling foreign buyers to own freehold land in investment zones in
Abu Dhabi.
    In April, Abu Dhabi amended its real estate law allowing all foreigners to
own land and property in investment areas on a freehold basis.
    Qatar's index closed 0.2% higher with blue-chip petrochemical maker
Industries Qatar and Masraf Al Rayan <MARK.QA > gaining 1.5% and 1.4%,
respectively.
    Egypt’s blue-chip index traded flat amid a couple of weak corporate
earnings. 
    Cleopatra Hospital fell 2.7% after posting a 38.7% decline in the
second-quarter profit, while Egyptian Resorts lost 1% after reporting
a wider loss for the same period.
 SAUDI ARABIA  The index         was down 0.05% to 8,051 points
 ABU DHABI     The index        lost 0.2% to 5,105 points
 DUBAI         The index          fell 0.7% to 2,871 points
 QATAR         The index        inched up 0.2% to 10,275 points
 EGYPT         The index          was flat at 14,931 points
 BAHRAIN       The index        was down 0.2% to 1,549 points
 OMAN          The index        edged down 0.2% to 3,991 points
 KUWAIT        The index        dropped 0.5% to 6,512 points
 
 (Reporting by Maqsood Alam in Bengaluru; editing by Emelia Sithole-Matarise)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below