Property and banks lift Dubai shares

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.