Dubai edges up but tepid global sentiment weighs on Gulf

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(Reuters) – Dubai’s stock market rose on Tuesday after falling to five-year lows in the last few sessions, lifted by gains in some real estate shares, while weak global sentiment continued to weigh on other Gulf bourses.

Oil prices edged up, but overall sentiment towards crude prices remained weak on worries over global stock markets and doubts that supply cuts led by OPEC would be enough to rein in oversupply.

In Dubai, the index <.DFMGI> added 0.8 percent after hovering around five-year lows in the last four sessions. Emaar Properties <EMAR.DU> gained 2.3 percent after saying it had started business development operations in China, while its unit Emaar Development <EMAARDEV.DU> increased 0.5 percent.

Islamic Arab Insurance <SALAMA.DU> continued to climb, rising 6.2 percent after Goldilocks Investment Company, a unit of the Abu Dhabi Financial Group, increased its ownership in the firm to 14.1 percent.

The Saudi Arabia index <.TASI> inched down 0.2 percent in its sixth straight day of losses, with its giant petrochemical maker Saudi Basic Industries <2010.SE> losing 1 percent and Saudi Arabia Fertilizers <2020.SE> decreasing 0.7 percent.

But Saudi Advanced Industries Co <2120.SE> advanced 4.7 percent after Saudi Arabian Military Industries offered to buy its stake in Alsalam Aerospace Industries for 100 million riyals ($26.66 million).

National Shipping Company of Saudi Arabia <4030.SE> climbed 1.5 percent after it proposed an annual cash dividend of 1.5 riyals per share.

Qatar’s index <.QSI> fell 0.8 percent, with Qatar Islamic Bank <QISB.QA> down 2.1 percent, while Industries Qatar <IQCD,QA> lost 1.4 percent.

The Abu Dhabi index <.ADI> edged down 0.2 percent with Dana Gas <DANA.AD> slumping 2.3 percent and its largest lender First Abu Dhabi Bank <FAB.AD> slipping 0.3 percent.

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