Mideast stocks flat; Dubai stock falls record low

Mideast stocks were mixed on Tuesday while the Dubai stock market fell for a fourth straight session to a 34-month low, but Saudi Arabia inched up on support from recovering bank stocks.

In Dubai, the index fell 1.0 per cent to 2,699 points, its lowest level since January 2016, reports Reuters.

Emaar Properties shed 1.9 per cent after a unit agreed to sell five hospitality assets in Dubai for an undisclosed amount to Abu Dhabi National Hotels, which did not trade.

Emirates NBD, Dubai’s largest bank, lost 2.2 per cent.

The Saudi index added 0.4 per cent in the first hour, however, with Arab National Bank gaining 1.2 per cent and top petrochemical producer Saudi Basic Industries rising 0.5 per cent.

Saudi Industrial Export surged 9.9 per cent after Al Jouf Cement extended its sale and marketing contract with the company for a year; Al Jouf was up 0.5 per cent.

Saudi Industrial Export has swung widely in speculative trade since early October, and on Monday posted its largest trading volume since April 2013.

Qatar’s index was flat with Qatar First Bank rising 2.5 per cent and Industries Qatar shedding 0.4 per cent.