Dubai's market closed on a positive note on Thursday, backed by solid gains in property shares, while Saudi Arabia declined, reversing earlier gains, and other markets were mixed. The Dubai index rose 0.4 percent as heavy trading in heavyweight property developer Emaar Properties sent its shares 1.6 percent up. DAMAC Properties added 1.4 percent.
Saudi's index reversed its earlier gains and closed 0.2 percent down with only 36 advancing stocks out of 182 traded on Monday. Arab Bank and National Industrialisation (TASNEE) lost 3.7 percent and 3.2 percent respectively. Saudi Kayan, a subsidiary of petrochemical giant SABIC, jumped 6.2 percent, leading market gainers.
The company said on Sunday it made a record net profit of 878.7 million riyals ($234.3 million) in the three months to June 30 compared with 242 million riyals in the same period a year earlier. In Abu Dhabi, the index lost 0.2 percent, as Emirates Telecom (Etisalat) and Union National Bank fell 0.9 percent and 5.4 percent respectively. Qatar's index rose 0.8 percent on a 2.1 percent jump by Qatar National Bank and a 1.6 percent rise by Industries Qatar.