Mideast stocks inch up; Qatar edge down

Published: April 17, 2019 14:55:00 | Updated: April 19, 2019 13:05:23

Mideast stock markets were mostly higher on Wednesday, while Qatar stocks edged down.

Dubai stocks rose on Wednesday as real estate shares gained. The index was up 0.6 per cent as blue-chip developer Emaar Properties gained 1.4 per cent and DAMAC Properties climbed 3.1 per cent.

Financial stocks lifted Saudi Arabia’s index. The Saudi’s index rose 0.3 per cent with Al Rajhi Bank adding 1.1 per cent, according to Reuters.

Saudi Cable rose 1.5 per cent after its board proposed raising 250 million riyals ($66.67 million) through a rights issue.

Riyad REIT gained 0.3 per cent after it acquired a 40 per cent stake in the leasehold interest of an office building in the United States.

The investment is expected to generate a net yield of more than 8.0 per cent for its shareholders, the company said.

The Abu Dhabi index was up 0.1 per cent with energy firm Dana Gas adding 2.9 per cent and market heavyweight First Abu Dhabi Bank edging up 0.3 per cent.

Last week, the bank obtained regulatory approval to increase its foreign ownership limit to 40 per cent from a previous limit of 25 per cent.

However, Qatar’s index lost 0.2 per cent, weighed down by a 1.8 per cent drop in Qatar Islamic Bank before its first-quarter earnings expected later on Wednesday.

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