MIDEAST STOCKS-Property shares buoy #UAE bourses; Egypt snaps losing streak | Nasdaq

MIDEAST STOCKS-Property shares buoy UAE bourses; Egypt snaps losing streak | Nasdaq

Major Gulf markets ended higher on Tuesday, with gains in real estate shares boosting indexes in the United Arab Emirates, while Egypt snapped eight sessions of losses.

The Abu Dhabi index .ADI closed up 1.3%, boosted by a 11.8% surge in Aldar Properties ALDAR.AD which saw its biggest intraday gain in nearly six years on Monday after announcing it will take over the management and development of government capital projects worth 30 billion dirhams ($8.17 billion) under an agreement with state-backed ADQ.

First Abu Dhabi Bank FAB.AD increased 1.4%. In the previous session, the United Arab Emirates' biggest lender reported a 19% fall in quarterly profit, dragged down by a double-digit drop in net interest income and higher impairment charges.

Dubai's main share index .DFMGI gained 1.1%, led by a 5.8% rise in blue-chip developer Emaar Properties EMAR.DU and a 6.7% jump in DAMAC Properties DAMAC.DU.

Saudi Arabia's benchmark index .TASI added 0.5%, with oil giant Saudi Aramco 2222.SE rising 1.2% and Al Rajhi Bank 1120.SE increasing 0.5%.

The kingdom's Energy Minister Prince Abdulaziz bin Salman said on Monday that the worst was over for the oil market.

Elsewhere, National Commercial Bank 1180.SE advanced 1.1%. Post trading hours, the kingdom's largest lender reported a higher net profit in the third quarter.

In Qatar, the index .QSI rose 0.5%, supported by a 2.2% leap in lender Masraf Al Rayan MARK.QA and a 2.9% rise in Commercial Bank COMB.QA.

Outside the Gulf, Egypt's blue-chip index .EGX30 was up 0.5%, as most of the stocks on the index were in positive territory including Commercial International Bank Egypt COMI.CA, which was up 0.9%.