MIDEAST STOCKS-Profit-taking weighs on Dubai; Saudi rises as bank stocks gain - Agricultural Commodities - Reuters:
Dubai's stock market fell on Tuesday,
snapping six sessions of gains, dragged by property shares and
profit-taking, while the Saudi index rose modestly.
Dubai's main share index retreated 1.8%, dragged
down by a 4.1% fall in blue-chip developer Emaar Properties
and a 3.9% decline in Emaar Development.
Mall operators in the Gulf region are delaying new
mega-projects as the COVID-19 pandemic and low oil prices upend
a retail industry built around huge centres catering to tourists
and wealthy locals.
Egyptian investment bank EFG Hermes forecast store sales in
Dubai to drop by 20% in 2020 if foreign visitors were allowed
entry in the third quarter, and by 40% if travel bans remain
until the year-end.
Saudi Arabia's benchmark index gained 0.4%, as Al
Rajhi Bank added 0.7% and Dr Sulaiman Al-Habib Medical
Services advanced 2.5%.
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