(Reuters) – The Dubai stock market fell for a fourth straight session to a 34-month low on Tuesday morning as real estate shares continued to slide, while Saudi Arabia inched up on support from recovering bank stocks.
In Dubai, the index <.DFMGI> fell 1.0 percent to 2,699 points, its lowest level since January 2016. Emaar Properties <EMAR.DU> shed 1.9 percent after a unit agreed to sell five hospitality assets in Dubai for an undisclosed amount to Abu Dhabi National Hotels <ADNH.AD>, which did not trade.
Emirates NBD <ENBD.DU>, Dubai’s largest bank, lost 2.2 percent.
The Saudi index <.TASI> added 0.4 percent in the first hour, however, with Arab National Bank <1080.SE> gaining 1.2 percent and top petrochemical producer Saudi Basic Industries <2010.SE> rising 0.5 percent.
Saudi Industrial Export <4140.SE> surged 9.9 percent after Al Jouf Cement <3091.SE> extended its sale and marketing contract with the company for a year; Al Jouf was up 0.5 percent. Saudi Industrial Export has swung widely in speculative trade since early October, and on Monday posted its largest trading volume since April 2013.
Qatar’s index <.QSI> was flat with Qatar First Bank <QFBQ.QA> rising 2.5 percent and Industries Qatar <IQCD.QA> shedding 0.4 percent.