July 2, 2018 / 7:47 AM / 5 months ago

MIDEAST STOCKS-Property lifts Dubai, Saudi eases on weak oil

DUBAI, July 2 (Reuters) - Gains in shares of property and contracting firms lifted Dubai stocks in early trade on Monday, but other Gulf markets were weak on concerns about the outlook for oil prices.

Oil prices fell by more than 1 percent on Monday as supplies from top exporter Saudi Arabia rose, while additional pressure came from U.S. President Donald Trump tweet over the weekend that Saudi Arabia’s King Salman had agreed to produce more oil.

Dubai shares traded 0.3 percent higher lifted by a 0.4 percent rise Emaar Properties and a 2.4 percent gain in contractor Arabtec.

Monday was the third straight day of gains in Dubai after the market suffered from an 11-day losing streak until last week, sparked by growing concerns about exposure of Dubai-listed companies to troubled private equity firm Abraaj.

Saudi index was fractionally lower, with petrochemicals firm SABIC down 0.3 percent and refiner Petro Rabigh falling 0.2 percent.

The fall in oil prices is also encouraging investors to take profit in the best performing index in the Gulf region, fuelled by fund flows ahead of MSCI’s decision to add Riyadh to its emerging market benchmnark, traders said.

The Saudi market is up 15 percent so far this year.

In Abu Dhabi, First Abu Dhabi Bank fell 1.2 percent, pushing the benchmark index down by 0.4 percent in early trade. (Reporting by Saeed Azhar Editing by Peter Graff)

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