Middle East stocks: Most major Gulf markets rise; #Dubai dips | Reuters

Middle East stocks: Most major Gulf markets rise; Dubai dips | Reuters

Most major Gulf stock markets traded higher early on Tuesday, supported by their financial shares, while Dubai’s blue-chip developer Emaar Properties weighed on the index.

Saudi’s benchmark index rose 0.2%, as Al Rajhi Bank gained 0.2%, and Banque Saudi Fransi jumped 1.6%.

Almarai also gained 1.2%. The Gulf’s largest dairy company said on Tuesday it had agreed to buy frozen bakery item manufacturer and producer Bakemart in the United Arab Emirates and Bahrain for an enterprise value of 93.5 million dirham ($25.5 million).

The Abu Dhabi index added 0.4%, on track to extend gains for a sixth consecutive session, led by a 0.8% hike in telecoms firm Emirates Telecommunication and 0.3% increase in market heavyweight First Abu Dhabi Bank.

The Qatari index gained 0.4%, supported by a 1.1% rise in petrochemical maker Industries Qatar.

The index’s gains, however, were capped by losses in banking shares led by a 2.5% fall in Doha Bank, which traded ex-dividend.

In Dubai, the index dropped 0.2%, with blue-chip developer Emaar properties losing 0.8% and sharia-compliant lender Dubai Islamic Bank shedding 1.8%.

In previous sessions, Emaar Properties and other peers registered sharp gains after the Dubai government on Saturday announced its plan to increase tourism and hotel capacity by 134% over the next 20 years.