Mideast stocks mostly quiet; Dubai rebounds

Published: November 28, 2018 15:04:49 | Updated: November 30, 2018 12:16:20

File Photo (Collected)

Most of the Gulf markets were little changed early on Wednesday, while the Dubai stock market inched up after sinking to a 34-month low in the last session.

The Dubai index, which had lost 1.0 per cent on Tuesday, added 0.4 per cent on the morning with the emirate’s largest lender, Emirates NBD, rising 2.1 per cent.

But developer Union Properties, which has been hit by Dubai’s weak real estate market, dived to a new 34-month low, dropping 7.0 per cent, reports Reuters.

The Saudi Arabia index inched up 0.2 per cent with telecommunications operator Zain Saudi Arabia climbing 4.1 per cent after agreeing to sell its tower infrastructure for 2.43 billion riyals ($647.7 million).

But builder Abdullah Abdul Mohsin Al Khodari Sons lost 2.5 per cent after shareholders voted down a capital increase of up to 566 million riyals ($151 million).

The Abu Dhabi index lost 0.4 per cent with First Abu Dhabi Bank, the largest lender in the United Arab Emirates, slipping 0.7 per cent and Abu Dhabi Commercial Bank shedding 1.1 per cent.

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