MIDEAST STOCKS-Banks, property shares buoy UAE; Egypt retreats - Agricultural Commodities - Reuters:
Stock markets in the United Arab Emirates
(UAE) closed higher on Tuesday, led by financials and property
shares, while Egypt ended marginally lower as tobacco
heavyweight Eastern Company lost more than 3%.
Dubai's main share index gained 0.5%, led by a 1.5%
rise in blue-chip developer Emaar Properties and a
0.5% gain in Emirates NBD Bank.
Amlak Finance surged 14.6%, its biggest intraday
gain since Dec. 2019, after signing an agreement with Dubai Land
Department allowing customers to invest in properties listed by
the firm.
The Abu Dhabi index rose 0.5%, with the country's
largest lender First Abu Dhabi Bank rising 0.9%, while
Abu Dhabi Islamic Bank added 1.3%, a day after the
sharia-compliant lender said it had raised its foreign ownership
limit to 40% from 25%.
However, gains were capped by Abu Dhabi National Energy
Company (Taqa) shedding 4.8% after it agreed to
finance the UAE's largest gas-fired power plant, expected to
cost approximately 4.2 billion dirhams ($1.14 billion).
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