MIDEAST STOCKS-Property shares weigh on Dubai as major Gulf markets ease - Reuters:
Most major stock markets in the Gulf were subdued in early trade on Tuesday, as the Dubai index was hit by losses in real state shares.
Saudi Arabia’s benchmark index slipped 0.1%, weighed by petrochemical maker Saudi Basic Industries, which fell 0.6%, and Al Rajhi Bank, which slipped 0.2%.
Dubai’s main share index retreated 0.6%, pressured by a 1.4% fall in Emaar Malls and a 2.4% drop in DAMAC Properties.
Property prices in Dubai, which has a diversified economy that focuses on tourism and international business services, have been falling since its peak in 2014 due to a continued gap between supply and demand.
Arabtec Holding declined 4.9% and was on course to post its third straight session of losses.
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