November 23, 2017 / 8:50 AM / 23 days ago

MIDEAST STOCKS-Markets firm in early trade, Emaar continues rebound in Dubai

DUBAI, Nov 23 (Reuters) - Gulf stock markets generally firmed in early trade on Thursday with Emaar Properties continuing to rebound in Dubai from losses suffered in the run-up to its local development unit’s listing.

Dubai’s index climbed 0.8 percent as Emaar Properties added 1.3 percent to 7.90 dirhams, extending a recovery from technical support at 7.60 dirhams.

The stock slid ahead of Wednesday’s listing of Emaar Development because of fears that the debut could go badly.

In the event, Emaar Development closed at 5.77 dirhams on Wednesday, only moderately lower than its initial public offer price of 6.03 dirhams, and it edged up to 5.80 dirhams on Thursday morning.

Another beaten-down Dubai stock, amusement park operator DXB Entertainments, rebounded 6.1 percent from near record lows in heavy trade.

Saudi Arabia’s index gained 0.6 percent as telecommunications firm Zain Saudi added 1.3 percent.

Abu Dhabi’s index rose 0.5 percent. Qatar edged down 0.2 percent as Qatar Commercial Bank lost 1.5 percent, but property developer Ezdan Holding, which had tumbled almost 60 percent this year amid a slump in the real estate market, rebounded 2.9 percent. (Reporting by Andrew Torchia, Editing by William Maclean)

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