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MIDEAST STOCKS-Emaar helps Dubai rebound, Saudi banks recover
October 24, 2017 / 8:55 AM / 2 months ago

MIDEAST STOCKS-Emaar helps Dubai rebound, Saudi banks recover

DUBAI, Oct 24 (Reuters) - Emaar Properties and contractor Drake & Scull helped Dubai’s market to rebound in early trade on Tuesday and Saudi Arabia edged up, led by petrochemical and bank stocks.

The Dubai index rose 0.6 percent with Emaar adding 1.2 percent, recouping part of Monday’s 2.0 percent loss sustained after the company said it expected to sell 20 percent of property development unit Emaar Development LLC next month in an initial public offering.

Previously, Emaar had said it would offer up to 30 percent of the business, distributing the funds raised as dividends to shareholders in the parent company. It did not say on Sunday why the sale was expected to be only 20 percent.

Builder Drake & Scull was the most heavily traded stock and added 1.0 percent.

In Saudi Arabia, the index recovered 0.2 percent from Monday’s losses as National Commercial Bank (NCB) , the kingdom’s largest lender, rebounded 0.8 percent. Alinma Bank was up 1.1 percent in heavy trade after losing 2.1 percent on Monday.

Bank Aljazira rebounded 0.3 percent in early trade, having reported a 41 percent rise in third-quarter net profit to 228 million riyals on Monday.

Saudi insurers were weak after one hour of trade. Metlife AIG ANB Cooperative Insurance edged down 0.1 percent, while Malath Insurance lost 0.2 percent.

Petrochemical maker PetroRabigh gained 0.8 percent, while mining firm Ma‘aden rose 0.6 percent.

In Abu Dhabi, the index edged down 0.2 percent as Etisalat lost 0.3 percent in heavy trade. Eshraq Properties rose 1.3 percent after reporting on Monday a third-quarter net profit of 685,000 dirhams ($187,000), which followed losses of 48.5 ‍​million dirhams one year earlier.

Qatar’s index was down 0.1 percent. Qatar National Bank, the biggest bank in the Middle East, gained 0.4 percent in heavy trade. (Reporting By Aziz El Yaakoubi; editing by John Stonestreet)

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