MIDEAST STOCKS- #Dubai leads major Gulf markets lower | Nasdaq

MIDEAST STOCKS-Dubai leads major Gulf markets lower | Nasdaq

Most stock markets in the Gulf traded lower on Tuesday, with the United Arab Emirates (UAE) leading the way as rising coronavirus cases in the country dented sentiment.

The number of daily coronavirus cases in the UAE, a federation of seven emirates, has tripled in the past month. On Monday authorities registered 3,579 new infections and nine deaths. They do not provide a breakdown per emirate.

Dubai's main share index .DFMGI declined 1.4%, dragged down by a 2% fall in blue-chip developer Emaar Properties EMAR.DU and a 1.6% drop in sharia-compliant lender Dubai Islamic Bank DISB.DU.

In Abu Dhabi, the index .ADI fell 0.9%, hit by a 0.9% decline in the country's largest lender First Abu Dhabi Bank FAB.AD and a 2.1% drop in Aldar Properties ALDAR.AD.

Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum appointed Awad Saghir al-Ketbi as the new director general of the Dubai Health Authority, replacing Humaid al-Qutami, according to a statement issued on Sunday. No reason for the change was given.

Saudi Arabia's benchmark index .TASI fell 0.3%, with Al Rajhi Bank 1120.SE down 0.7% and top lender National Commercial Bank 1180.SE falling 0.9%.

The Qatari index .QSI edged down 0.2%, on course to extend losses for a fourth session. Qatar Insurance QINS.QA retreated 1.9%, while Qatar Islamic Bank QISB.QA was down 0.4%.