Abu Dhabi advance while region dips

Dubai : Dubai dropped 0.3 per cent yesterday as financial and construction stocks weighed on the index while Abu Dhabi gained 0.2pc with support from consumer and telecoms stocks.

Emaar Properties closed 0.5pc up after finishing near a 20-month low on Sunday. The weakness in Emaar’s shares, which are down 10pc in the year to date, has been a major factor in the Dubai market’s lacklustre performance.

“Emaar is affected by renewed concerns about the health of the Dubai real estate market in the face of upcoming supply,” said Vrajesh Bhandari, portfolio manager at Al Mal Capital.

Saudi Arabia’s index was also down 0.2pc, pressured by Saudi Telecom’s 2.4pc decline and a 1.8pc drop for Banque Saudi Fransi.

Telecoms company Zain Saudi bucked the trend, rising 2.6pc after saying it had extended the maturity of a 2.25 billion riyal ($600 million) loan.

Egypt’s index gave up initial gains to close 0.6pc lower, hurt by selling in Telecom Egypt, which dropped 3pc.

Sidi Kerir Petrochemicals rose 2.8pc after it was named among companies that will float more shares under a privatisation scheme.

Egypt announced on Sunday the names of 23 state companies that will sell stakes from this year under its plan to raise 80bn Egyptian pounds ($4.6bn) through minority share offerings on the Cairo bourse.

Qatar’s main stock index rose nearly 1pc yesterday as a planned increase in foreign ownership limits boosted blue-chips and helped Doha to outperform the rest of a region weighed down by weak global stocks and oil prices.