Qatar- Real estate sector lifts Gulf markets in early trade
Date
2/18/2016 1:23:11 PM
DUBAI: The real estate sector helped liftstock markets in the United Arab Emirates and Qatar in earlytrade on Sunday as some risk appetite started to return afterGulf markets sold off at the end of last week.
Dubai's index rose 2.0 percent recovering most ofits 2.6 percent losses on Thursday. Developers Emaar Propertiesand DAMAC Properties each advanced morethan 2.5 percent.
Drake & Scull was up 3.9 percent after theconstruction company posted a quarterly net profit of 14.7million dirhams ($4 million); an analyst at SICO Bahrain hadforecast a net loss of 38.6 million dirhams.
In Abu Dhabi the benchmark edged up 0.1 percent inmodest volume with RAK Properties and EshraqProperties each up more than 3.0 percent.
But blue chips First Gulf Bank and Abu DhabiIslamic Bank were sold falling 1.3 percent and 0.9percent respectively.
Real estate-related stocks also helped lift Doha's index which was up 1.6 percent as Barwa Real Estate and Ezdan Holding Group each rose more than 2.5percent.
Reuters