Gulf stocks rebound modestly in cautious trade

Published: August 14, 2018 15:36:41 | Updated: August 16, 2018 15:58:09

Gulf stock prices rebounded modestly early on Tuesday from several days of falls, as investors were encouraged to buy back cautiously with the Turkish lira.

Dubai’s stock index gained 0.6 per cent as its top bank, Emirates NBD, added 1.2 per cent.

The bank, which in May agreed to buy Turkey’s Denizbank in a $3.2 billion deal, had tumbled 4.6 per cent on Monday because of its Turkey exposure.

Loss-making builder Drake & Scull jumped 9.8 per cent from a record low and was the market’s most heavily traded stock.

Emaar Properties gained 1.0 per cent after reporting a 16 per cent year-on-year rise in second-quarter net profit, on a 55 per cent leap in revenues.

Its affiliate Emaar Development added 2.1 per cent after disclosing a 73 per cent surge in quarterly profit, reports Reuters.

Saudi Arabia’s stock index climbed 0.8 per cent in a broad-based rebound, with gainers outnumbering losers by 129 to 123.

The biggest bank, National Commercial Bank, surged 2.9 per cent; Arqaam Capital estimates NCB’s exposure to Turkey at 8 per cent of its assets and 12 per cent of its loans.

Qatar’s biggest bank, Qatar National Bank, rebounded 0.9 per cent after falling sharply for two days. It has a Turkish subsidiary, QNB Finansbank.

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