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Mideast Stocks Most Gulf Markets Fall; Dubai Rises On Real Estate Strength

Dubai- Massader News

Most major Gulf stock markets fell in early trading on Tuesday, while Dubai bucked the trend, supported by gains in real estate shares, according to Reuters.

In Dubai, the main share index (.DFMGI) rose 0.2%, led by a 2.3% gain in Damac Properties (DAMAC.DU) and a 0.5% increase in blue-chip developer Emaar Properties (EMAR.DU).

On Sunday, Emaar reported a more than three-fold jump in property sales for the first five months of 2021.

The Abu Dhabi index (.ADI) retreated 0.2%, snapping two straight sessions of gains, with the country’s largest lender, First Abu Dhabi Bank (FAB.AD) easing 0.1% and Abu Dhabi Islamic Bank (ADIB.AD) shedding 0.9%

Qatar’s index (.QSI) eased 0.1%, extending losses for a fourth day in a row, as petrochemical maker Industries Qatar (IQCD.QA) declined 0.6% and Qatar Fuel (QFLS.QA) dropped 0.5%.

Saudi Arabia’s benchmark index (.TASI) was flat as oil giant Saudi Aramco (2222.SE) slipped 0.3%, while Saudi telecom (7010.SE) gained 0.5%.

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