Saudi shares rose on Tuesday boosted by a 10 percent surge in travel operator Al Tayyar Group, a shareholder in ride hailing app Careem which Uber has agreed to buy. Tayyar said it was expecting to make a gross profit of 1.78 billion riyals ($474.64 million) from the transaction, supporting a 0.1 percent gain in the Saudi index.
Dubai's index fell 0.7 percent, weighed down by declines across its real estate stocks. Dubai's largest listed-developer Emaar Properties lost 2.1 percent and its unit Emaar Malls dropped 1.7 percent.
Union Properties slid 0.8 percent after surging to its biggest intraday gain in nearly two years on Monday. Dubai Financial Market said that a direct deal worth 60 million dirhams ($16.34 million) was implemented on 155.5 million shares of Union Properties. DFM edged up 0.1 percent.
In Saudi Arabia, Tihama Advertising gained 0.4 percent after proposing a capital increase to raise 100 million riyals through a rights issue.
The Egyptian blue-chip index dipped 0.2 percent, pulled down by financial and consumer stocks.
Egypt's largest lender Commercial International Bank slipped 0.8 percent and Qalaa Holdings was down 2.2 percent.
Qatar's index slipped 0.1 percent, led by a 1.6 percent decline in Qatar National Bank, the largest bank by assets in the Middle East and Africa, and a 0.9 percent drop in Qatar Islamic Bank. The latter completed an international bond issuance of $750 million sukuk last week.
Lender Masraf Al Rayan was down 0.6 percent. It has hired banks before a potential sale of US dollar-denominated sukuk, or Islamic bonds, Reuters reported.
The Abu Dhabi index added 0.2 percent with Abu Dhabi Commercial Bank and Union National Bank both gaining 1.3 percent.
Al Hilal Bank has slashed about 160 jobs ahead of a three-way merger with Abu Dhabi Commercial Bank and Union National Bank, Reuters had reported, citing sources.
Oman's index fell 1.9 percent to its worst day in a little over three years, weighed down by its biggest stocks. National Bank of Oman plunged 9.3 percent and Bank Muscat declined 9.1 percent.
Comments
Comments are closed.