MIDEAST STOCKS-Most Gulf markets inch up, Egypt slips on emerging market slump | Reuters:
Most major Middle Eastern stock markets rose modestly on Wednesday, while real estate stocks continued to weigh on Dubai and Egypt’s blue-chip index reflected emerging market worries.
The Dubai index closed 0.8 percent lower, pressured by real estate and bank stocks. All six real estate stocks fell while Emirates NBD, the biggest lender, was the main drag on the index, shedding 2.1 percent.
DAMAC Properties fell 2.4 percent after saying it expects Dubai’s real estate market to face another few quarters of “soft market conditions” before starting to rebound from late 2019.
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