Dubai stocks rise, led by property; other markets subdued
July 11, 2019, 03:50:00 AM EDT By Reuters
July 11 (Reuters) - Dubai's stocks rose on Thursday as real estate shares gained, while most other markets were little changed before corporate results due to pick up next week.
The Dubai index added 0.5%, led by a 1.4% gain in its largest lender, Emirates NBD , and a 0.8% rise in Emaar Properties .
The developer has been rising since Monday after its Egyptian subsidiary, Emaar Misr Development , initially agreed with El Nasr Housing and Development to settle a dispute on Uptown Cairo land.
Investment bank EFG Hermes forecast 7.6% growth year-on-year in second-quarter profit for the Saudi Arabia's financial sector.
Saudi Enaya Cooperative Insurance surged 2.7% after it won a medical insurance contract worth over 5% of its revenue last year.
In Qatar, the index dropped 0.4%. The Gulf's largest bank, Qatar National Bank , lost 1.1% despite posting a 4% increase in first-half net profit.
However, Qatar Gas Transport gained 0.4% after reporting a 7% jump in first-half net profit.
Kuwait's index slid 0.2%, weighed down by financial stocks. The index had risen for the last 10 sessions, triggered by MSCI's decision to move Kuwaiti equities to its main emerging-market index in 2020.
Kuwait has outperformed its Gulf peers in anticipation of the MSCI move, and is still up over 28% year-to-date.
The Abu Dhabi index eased 0.2%, pressured by First Abu Dhabi Bank , which lost 0.4%.
But Aldar Properties was up 1%, extending its gains for a second day. On Wednesday, the property developer was awarded 5 billion dirhams ($1.36 billion) of development projects from the Abu Dhabi government.
($1 = 3.6728 UAE dirham)
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