July 14, 2015 / 7:03 AM / 2 years ago

MIDEAST STOCKS-Dubai leads gains as Iran clinches nuclear deal

DUBAI, July 14 (Reuters) - Dubai’s bourse outperformed the Gulf region in early trade on Tuesday as an Iranian diplomat told Reuters that Iran and six major powers had reached an historic deal granting Tehran sanctions relief in exchange for curbs on its nuclear programme.

A removal of trade and banking sanctions could benefit Dubai, a traditional centre for trade with and investment in Iran, although by increasing oil supplies and depressing crude prices, it could in the short term at least prove negative for most of the Gulf Arab economies.

Dubai’s stock index rose 0.6 percent with most stocks positive. Port operator DP World, which is one of Dubai’s major logistics companies and might enjoy an increase in cargo traffic through the Gulf after sanctions are lifted, rose 1.1 percent.

Deyaar Development, which on Monday became the first local property firm to post earnings this season and recorded a 37.5 percent jump in second-quarter net profit, jumped 3.4 percent. It was the most traded stock.

Emaar Properties, the emirate’s biggest listed developer, rose 1.7 percent and builder Arabtec gained 1.6 percent.

Bourses in Abu Dhabi and Qatar each edged up 0.5 percent. Qatar Islamic Bank, up 1.3 percent, was the top gainer in Doha after posting a 27 percent jump in second-quarter profit.

Another Islamic lender, Masraf Al Rayan, edged up 0.2 percent after posting a more modest 3.3 percent increase in second-quarter earnings. (Reporting by Olzhas Auyezov; Editing by Andrew Torchia and Andrew Heavens)

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