January 8, 2019 / 12:58 PM / 6 months ago

MIDEAST STOCKS-Property stocks hurt Dubai, industrials lift Egypt

    * Saudi's Nama Chemicals jumps on capital increase approval
    * Egypt's blue-chip index up for fifth straight session
    * Dubai's real estate shares drag index
    * Banks weigh on Qatar index 

    By Abinaya Vijayaraghavan and Ateeq Shariff
    Jan 8 (Reuters) - The Dubai stock market reversed course to
slide on Tuesday as its property shares fell, while Egypt's
blue-chip index gained for a fifth straight session, aided by
its industrial stocks.
    Dubai's index fell 0.2 percent after rising for
three straight sessions. Dubai's largest listed developer Emaar
Properties dipped 1.3 percent, while its unit Emar
Development lost 2.8 percent.
    In 2018, the index fell over 25 percent to become the
world's worst-performing major stocks market in local currency
terms, led by declining real estate stocks.
    Residential real estate prices in Dubai could fall by 5-10
percent in 2019, weakened by new supply, a strong dollar and
lower oil prices, the Middle East chief executive of Savills
 had said on Monday.
    Dubai's oversupplied property market has steadily fallen
since a mid-2014 peak, hurting earnings of the emirate's top
developers and forcing construction and engineering firms to cut
jobs and halt expansion plans.
    The Egyptian blue-chip index rose 0.5 percent, with
 Sidi Kerir Petrochemicals gaining 4.6 percent and El
Sewedy Electric adding 5.6 percent.
    The Saudi index inched up 0.1 percent, with Jabal
Omar Development rising 2.5 percent and Banque Saudi
Fransi hiking 2 percent.
     Nama Chemicals added 3.7 percent to end as the
top gainer on the index. The company said the Capital Market
Authority approved a request to increase the company's capital
through a rights issue valued at 200 million riyals($53.32
million).
    In Abu Dhabi, the index was down 0.2 percent, with
Aldar Properties losing 1.9 percent, and Dana Gas
 sliding 1 percent. 
    Qatar's index fell 0.3 percent, pressured by sliding
bank shares. Qatar Islamic Bank lost 1.7 percent,
while Qatar National Bank was down 1 percent.
    ($1 = 3.7507 riyals)

 SAUDI       The index         inched up 0.1 pct to
 ARABIA      8,057 points
 DUBAI       The index          was down 0.2 pct at
             2,529 points
 QATAR       The index        lost 0.3 pct to 10,459
             points
 ABU DHABI   The index        was down 0.2 pct at
             4,927 points
 EGYPT       The index          rose 0.5 pct to
             13,405 points
 KUWAIT      The index        was flat at 5,401
             points
 OMAN        The index        was flat at 4,311
             points
 BAHRAIN     The index        was flat at 1,332
             points
 
 (Reporting by Abinaya Vijayaraghavan and Ateeq Shariff in
Bengaluru, Editing by Louise Heavens)
  
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