July 24, 2019 / 8:03 AM / a month ago

MIDEAST STOCKS-Real estate shares boost Dubai, banks aid Saudis

July 24 (Reuters) - Dubai stocks rose on Wednesday, led by property shares, for a third consecutive day of gains. Financial stocks helped Saudi shares.

The Dubai index was up 0.2%. The country’s largest listed developer, Emaar Properties, rose for a third day, gaining 0.8%, after securing a deal in China for an $11 billion project. Emaar Mall was up 2%.

Dubai Financial Market also rose for a third day, by 4.4%, after reporting higher second-quarter profit.

The Saudi index gained 0.2% after four days of losses. Saudi Telecom rose 0.9% and Saudi British Bank 1.2%.

On Monday, Saudi Telecom reported higher second-quarter profit. Consolidated revenue increased while revenue cost declined.

Tabuk Cement climbed 2.4% after it swung to a second-quarter profit. Revenue grew as average selling prices improved.

Qatar’s index rebounded 0.1%. Qatar Islamic Bank gained 0.5% and Masraf Al Rayan added 0.5%.

Qatar’s United Development was up 0.7% before it meets to approve first-half financials.

In Abu Dhabi, the index traded flat after six straight days of gains.

Emirates Telecommunications Group shed 0.5% after reporting lower second-quarter revenue on Tuesday. Eshraq Investments slipped 0.7% as its second-quarter profit dropped.

Reporting by Ateeq Shariff and Maqsood Alam in Bengaluru, editing by Larry King

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