July 23, 2019 / 8:06 AM / a month ago

MIDEAST STOCKS-Property shares lift UAE, blue-chips pressure Saudi

July 23 (Reuters) - Gains in shares of property and contracting firms lifted Dubai and Abu Dhabi stocks in early trade on Tuesday, while weak earnings from blue-chips weighed on the Saudi bourse.

The Dubai index gained 0.7%, boosted by Emaar Properties, which rose a further 1.6%. The stock jumped 2.5% on Monday when it struck a deal with Beijing Daxing International Airport over an $11 billion project that includes residential and leisure facilities.

In Abu Dhabi, the index gained 0.3%, rising for the sixth straight session. Aldar properties was up 5% after a progress update on a recently awarded 5 billion dirhams ($1.4 billion) worth of projects and raising its annual profit guidance by 50% for the next three to four years.

National Bank Of Ras Al Khaimah climbed 2.2% after reporting a 25.7% rise in second quarter profit.

The Saudi index fell 0.2%, sliding for a fourth straight day. Pressure came from a 3.5% drop in Saudi Arabian Mining Company and a 2.5% decrease in Saudi Arabia Fertilizers.

Saudi Arabian Mining swung to a second-quarter loss, which it blamed on falling average realised prices of all products except gold, while Saudi Arabia Fertilizers’ profit for the same period was hurt by a production halt at one of its plants during maintenance.

National Shipping Company of Saudi Arabia dropped 4.6% after it reported a 75% fall in second-quarter profit.

In Qatar, the index slid 0.3%, driven down by a 2.1% fall in Qatar Gas Transport and a 0.7% drop in Industries Qatar.

$1 = 3.7504 riyals Reporting by Ateeq Shariff and Maqsood Alam in Bengaluru; Editing by Mark Potter

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