MIDEAST STOCKS Property shares buoy #Dubai; major Gulf markets dip | Reuters

MIDEAST STOCKS Property shares buoy Dubai; major Gulf markets dip | Reuters

Most major stock markets in the Gulf eased in early trade on Wednesday, but the Dubai index was on course to extend gains from the previous session following an upbeat assessment of its property shares by Morgan Stanley.

Dubai's main share index (.DFMGI) gained 0.4%, with blue-chip developer Emaar Properties (EMAR.DU) rising 2.1%, while its shopping centre unit Emaar Malls (EMAA.DU) advanced over 5%.

The emirate's property prices are rising for the first time in six years, Morgan Stanley (MS.N) said in a research note, amid higher demand and a slowdown of project launches since 2017.

Meanwhile, Dubai expects to attract over 5.5 million overseas visitors this year, hopeful that new markets can help make up for the loss of visitors from key places where travel is restricted due to the coronavirus pandemic. read more

Saudi Arabia's benchmark index (.TASI) fell 0.1%. Al Rajhi Bank (1120.SE) lost 0.2%, while petrochemical firm Saudi Basic Industries (2010.SE) was down 0.3%.

In Abu Dhabi, the index (.ADI) eased 0.2%, hit by a 1.4% fall in aquaculture firm International Holding (IHC.AD).

However, Abu Dhabi Ship Building (ADSB.AD) surged 15%, building on gains in the previous session, after the United Arab Emirates signed a 3.5 billion dirham ($952.95 million) contract with the firm to manufacture new patrol vessels for the Gulf Arab state's navy. read more

The Qatari benchmark (.QSI) dropped 0.4%, weighed down by a 1% fall in petrochemical firm Industries Qatar (IQCD.QA).