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Most major Gulf markets rise as financials gain

The Dubai index gained 0.6%, helped by a 1% gain for Emirates NBD Bank and a 0.7% rise for Emaar Properties.

Most major Gulf stock markets rose in early trade on Sunday, supported by gains in financial stocks.

The Dubai index gained 0.6 per cent, helped by a 1 per cent gain for Emirates NBD Bank and a 0.7 per cent rise for Emaar Properties.

Union Properties rose 1.8 per cent after the real estate developer reduced its second-quarter loss to 38.6 million dirhams ($10.5 million) from 84.1 million dirhams a year earlier.

However, DXB Entertainment dropped 0.8 per cent after second-quarter losses widened to Dh258 million from Dh233 million a year earlier.

The Abu Dhabi index added 0.2 per cent, helped by a 0.5 per cent rise in the country's largest lender, First Abu Dhabi Bank, and a 1.3 per cent gain for Abu Dhabi Islamic Bank.

Dana Gas, however, retreated 1.4 per cent. The United Arab Emirates-based energy company on Thursday posted a first-half loss of 69 million dirhams, which included a $37 million impairment charge related to oil and gas assets in Egypt.


Saudi Arabia's benchmark index was up 0.3 per cent, with Al Rajhi Bank and petrochemicals maker Saudi Basic Industries up 0.5 per cent and 0.8 per cent respectively while retail company Savola Group advanced 1.6 per cent on a sharp rise in second-quarter profit.