Property shares buoy Dubai index; Abu Dhabi eases | Reuters
Dubai shares rose in early trade on Tuesday, boosted by real estate stocks, while the Abu Dhabi index retreated from a record high hit in the previous session.
Dubai's main share index (.DFMGI) advanced 1.1%, buoyed by a 3.2% rise in blue-chip developer Emaar Properties (EMAR.DU), while its unit Emaar Malls (EMAA.DU) jumped 4.7%, following a sharp rise in quarterly earnings.
Emaar Properties, which owns close to 85% of Emaar Malls, will buy out minority shareholders of the unit and delist the business by this year-end.
Dubai Financial Market (DFM.DU) declined 2.5% and was set to end a six-day winning streak triggered after the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings.
In Abu Dhabi, the index (.ADI) eased 0.1% from a record high hit a day earlier, with conglomerate International Holding Co (IHC.AD) falling 0.3%.
Abu Dhabi National Oil Co for Distribution (ADNOCDIST.AD) reported a decline in quarterly earnings. However, the stock traded flat.
Saudi Arabia's benchmark index (.TASI) fell 0.1%, hit by a 0.7% drop in Saudi Telecom Company (7010.SE) and a 0.3% decrease in oil giant Saudi Aramco (2222.SE).
The kingdom is in talks with banks to amend the terms of a $16 billion loan due in 2023 and possibly reduce the size of the facility, sources said, as the world's top oil exporter looks to cut outstanding government debt and improve its balance sheet. read more
The Qatari index (.QSI) added 0.2%, with Islamic lender Masraf Al Rayan (MARK.QA) rising 0.5% and Commercial Bank (COMB.QA) gaining 0.6%.
Qatar's government budget recorded a surplus of 0.9 billion riyals ($247 million) in the third quarter, boosting the nine-month surplus in 2021 to 4.9 billion riyals, as higher energy prices increased the Gulf nation's revenue. read more
Qatar is one of the world's top liquefied natural gas exporters.
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