Prop­erty and banks lift Dubai shares

The National - News - - BUSINESS IN DEPTH - The Na­tional

Dubai’s blue-chip index rose sharply and marked its big­gest in­tra-day gain in nearly three weeks, lifted by real es­tate and banks, while most ma­jor Ara­bian Gulf in­dexes dropped marginally yes­ter­day.

The Dubai index added 1.1 per cent to 2,744 points, boosted by a near 3 per cent gain in Emaar Prop­er­ties and a 2.2 per cent rise in Emi­rates NBD af­ter it posted a dou­ble-digit jump in quar­terly profit, led partly by higher net in­ter­est in­come.

Saudi Ara­bia’s bourse was down 0.2 per cent to 7,833 points, hurt by a 0.5 per cent dip in bell­wether Al Ra­jhi Bank­ing & In­vest­ment and a 2.4 per cent slide in Arab Na­tional Bank .

Petro­chem­i­cal com­pany Na­tional In­dus­tri­al­i­sa­tion Com­pany (Tas­nee) fell 3.2 per cent af­ter it flagged op­er­a­tional de­lay for a ti­ta­nium il­menite smelter plant.

The index closed un­der its 200-day-mov­ing av­er­age level, af­ter briefly breach­ing it in the pre­vi­ous ses­sion.

But Herfy Food Ser­vices out­per­formed the index, ris­ing 6.4 per cent and mark­ing its big­gest in­tra-day gain since Jan­uary 2016 af­ter an in­crease in its third-quar­ter profit.

Abu Dhabi’s index lost 0.3 per cent to close at 4,856 points, af­fected by a 1.3 per cent slide in First Abu Dhabi Bank and a 8.6 per cent fall in Gulf Phar­ma­ceu­ti­cal In­dus­tries.

The Egyp­tian blue-chip index gained 0.6 per cent to 13,155 points, with Eastern Com­pany adding 3.2 per cent and Citadel Cap­i­tal ris­ing 5.8 per cent.

In­vest­ment firm Raya Hold­ing soared nearly 10 per cent af­ter Egypt’s reg­u­la­tor asked its chair­man Med­hat Khalil and re­lated group to make a buy­out of­fer for the com­pany.

Egyp­tian Iron And Steel gained 4 per cent af­ter re­port­ing a smaller quar­terly loss.

In Kuwait, the index was up 0.2 per cent at 5,225 points, while Bahrain’s was down 0.2 per cent at 1,313 points. Oman ended down 0.2 per cent at 4,421 points.

Oil prices fell, de­pressed by con­cerns that the US-China trade dis­pute will have a neg­a­tive ef­fect on eco­nomic growth and by signs of ris­ing global sup­ply de­spite com­ing sanc­tions against Iran.

Bench­mark Brent crude fell $1.05 per bar­rel to a low of $76.29 be­fore re­cov­er­ing slightly to around $76.44, down 90 cents,.

US light crude was 60 cents lower at $66.44.

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