Region mixed, property firms pull down Dubai

Dubai : Middle East stock markets were mixed yesterday with property developers weighing on Dubai amid continued concern about ample new housing supply, while Qatar rose in anticipation of annual dividend announcements.

The Dubai index slipped 0.3 per cent to 3,501 points as Emaar Properties dropped 0.4pc, Deyaar lost 2.4pc and Union Properties
fell 0.7pc.

In the last several days the index has tested but failed to break resistance around 3,540 points, where the market bottomed last October. 

Saudi Arabia’s index slipped 0.4pc. Real estate developer Dar Al Arkan, which was the most heavily traded stock and has been extremely volatile in the last couple of months, tumbled 7.3pc.

But Al Yamamah Steel climbed 1.9pc in its heaviest trade since July. Its board proposed a second-half dividend of 0.50 riyal, down from 1.0 riyal in the first half, but also approved the start of two projects to produce equipment for solar and wind energy generation. Investment in the projects is to total 260 million riyals ($69 million).

Qatar’s index closed 0.7pc higher after a surge in late trade. Qatar First Bank, the most heavily traded stock, gained 2.2pc.

In Egypt, the blue-chip index fell 0.6pc. Nozha International Hospital, which had soared in the last three days after Cleopatra Hospital sought regulatory approval to make a mandatory tender offer for all Nozha shares at 90 Egypwtian pounds each, lost steam and last traded only 0.4pc higher at 83.50 pounds.

Cleopatra rose 5.2pc in its heaviest trade since last April. (Reuters)