Major Gulf markets end mixed; #Dubai index outshines | Reuters

Major Gulf markets end mixed; Dubai index outshines | Reuters

Major Gulf stock markets ended mixed on Tuesday, with Dubai stocks registering sharp gains following Emirates Airline’s projection of a busy December as travellers return for holidays.

The main share index in Dubai, the Middle East’s tourism hub, advanced 2%, with its largest developer Emaar Properties rising 3.5%, while Dubai Investments surged more than 11%.

In Abu Dhabi, the index gained 0.4%, led by a 0.3% rise in the United Arab Emirates’ largest lender First Abu Dhabi Bank and a 1.6% increase in Aldar Properties.

Saudi Arabia’s benchmark index eased 0.3%, hurt by a 0.8% fall in Al Rajhi Bank and 3.1% drop in Dr Sulaiman Al-Habib Medical Services.

The Qatari index retreated 0.7%, with most stocks in negative territory, including petrochemical firm Industries Qatar, which declined 1.8%.

On Sunday, Qatari stocks had closed higher, buoyed by hopes of a resolution to a dispute with some of the country’s Arab neighbours.

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt have imposed a diplomatic, trade and travel embargo on Qatar since mid-2017, accusing Doha of supporting terrorism. Qatar denies the charges and says the embargo aims to undermine its sovereignty.

The Saudi foreign minister on Friday said that resolution with Qatar seemed “within reach”.