NEXT STOCK Real estate stocks push Dubai stocks higher; other markets are mixed



A Saudi Arabian trader watches the stock market on monitors at Falcom Stock Exchange Agency in Riyadh, Saudi Arabia, February 7, 2018 REUTERS / Faisal Al Nasser

September 1 (Reuters) – Dubai stocks rallied in early trading on Wednesday, boosted by rising real estate inventories, while other major Gulf markets were mixed.

Major stock index of Dubai (.DFMGI) added 0.1%, due to blue chips from developer Emaar properties (EMAR.DU) an increase of 1%, while its Emaar Malls division (EMAA.DU), operator of luxury shopping malls in the Middle East, added 1.5%.

Emaar Properties is considering selling the fashionable e-commerce business Namshi, which may include overseas listing through SPAC, Reuters reported Tuesday, citing three sources familiar with the matter. More details

A direct sale of Namshi could generate between $ 600 million and $ 700 million in revenue, one source said, while listing through a Specialized Acquisition Company (SPAC) could be more lucrative.

SPACs are banned from the UAE exchanges, prompting companies to look for alternative venues. More details

Saudi Arabia Base Index (.TASI) decreased by 0.1%, from Saudi Telecom Company (7010.SE) a drop of 0.9%, while the oil giant Saudi Aramco (2222.SE) loses 0.3%.

However, oil prices, a key catalyst for the financial reserves of the Persian Gulf, surged ahead of the OPEC + meeting and the Energy Information Administration report.

The Abu Dhabi zip code (.ADI) fell 0.4%, due to a fall of 0.5% at First Abu Dhabi Bank (FAB.AD)the day after the country’s largest lender issued £ 250 million ($ 343.93 million) 5-year bonds.

Other losers include Abu Dhabi National Hotels. (ADNH.AD) retreated by another 5%.

Abu Dhabi State Holding Company ADQ has withdrawn its proposal to merge Abu Dhabi National Hotel Company (ADNH) with Abu Dhabi National Exhibition Company (ADNEC). More details

Qatari postcode (.QSI) rose 0.1%, boosted by a 1.2% rise in the shares of the petrochemical company Industries Qatar (IQCD.QA)

(1 dollar = 0.7269 pounds)

Reporting by Ateeq Shariff in Bangalore; Rashmi Aych editorial board

Our standards: Thomson Reuters Trust Principles.


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