MIDEAST STOCKS-Real estate firms hurt Dubai; Qatar extends gains - Reuters:
Dubai's stock market reversed course to
end lower on Tuesday, hurt by its property shares, while
blue-chip lenders helped Qatar outperform major markets in the
region.
In Dubai, the index fell 0.5%, with all its real
estate stocks tumbling. Emaar Properties, the
emirate's largest listed developer, lost 2.3%, while its units
Emaar Malls and Emaar Development were
both 2.1% and 2.2% respectively.
Heavy oversupply in the property market, an important sector
of Dubai's economy, has seen residential prices slide by at
least a quarter since mid-2014.
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