Emaar’s gains pull Dubai up by a notch

Riyadh’s stock index, which had gained 2.5 per cent on Monday, mainly on the back of banks which could win business handling the government’s privatisation plans, was down 0.9 per cent after an hour of trade on Tuesday.

UAE shares had a mixed day, while shares in Saudi Arabia retreated in the aftermath of the cabinet’s approval of a sweeping economic reform programme.

The Dubai Financial Market General Index eked out a ­minor increase of 0.1 per cent, thanks to gains from Emaar Malls and Emaar Properties.

Emaar Malls rose 4.1 per cent to Dh3, their highest close since November, after higher rental incomes boosted the company’s first quarter profit by 22 per cent.

Emaar Properties meanwhile rose 1.1 per cent to Dh6.79.

Emirates NBD was among the worst performing big names of the day, ending 1.7 per cent lower at Dh8.40.

Du ended the day 0.6 per cent lower at Dh6.55, after it posted a 1.4 per cent drop in quarterly profit.

Abu Dhabi’s headline index meanwhile closed down 1 per cent at 4,584.79, after Etisalat suffered its worst day in three weeks. The telco’s shares fell 2.1 per cent to Dh18.65 after it announced an 8 per cent decline in profit for the first quarter. Aldar Properties was among the other main laggers, ending down 2.8 per cent at Dh2.69.

In Saudi Arabia, the Tadawul All Share Index ended 1.6 per cent lower at 6,757.14, trimming some of the gains recorded following Monday’s approval of a landmark economic reform programme by the country’s cabinet.

Banking stocks were among the hardest hit, with Al Rajhi Bank and NCB ending down 2.8 per cent and 3.3 per cent respectively.

Saudi Electricity, meanwhile, ended the day 4.3 per cent lower at 16.24 riyals.

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