February 21, 2019 / 8:46 AM / a month ago

MIDEAST STOCKS-Dubai ends run of gains, Gulf dragged by financials

Feb 21 (Reuters) - Dubai stocks fell back on Thursday after touching a two-and-half-month high as real estate stocks slipped after leading six days of gains, while all major Gulf bourses also dropped on sliding financial stocks.

Dubai's index was down 0.5 percent with DAMAC Properties shedding 3 percent and Emaar Development dropping 2.3 percent.

Property firms have led the recent rally after displaying signs of recovery in their fourth-quarter results and more construction contracts. However they remained vulnerable to falling property prices.

Dubai residential property prices, which have fallen 25 percent to 33 percent in nominal terms since 2014, are likely to fall another 5 to 10 percent this year, S&P Global Ratings said on Tuesday.

Saudi Arabia's index dipped 0.2 percent, weighed down by banks with Riyad Bank declining 1.1 percent.

Saudi Arabian Amiantit Co dropped 4.9 percent after its board recommended decrease in capital to 640.6 million riyals ($170.81 million) from 1.16 billion riyals as part of its plan to restructure some financially troubled group companies.

The company said in a subsequent announcement that it had closed Ameron Saudi Arabia and Saudi Arabia Concrete Products.

The Qatari index fell 0.1 percent with Qatar Islamic Bank sliding 2.7 percent.

The Abu Dhabi index was also down 0.2 percent with Abu Dhabi Commercial Bank declining 1.8 percent. ($1 = 3.7503 riyals) (Reporting by Ateeq Shariff in Bengaluru; Editing by Alison Williams)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below