Dubai lifts on blue chips, rest of Gulf mixed

DUBAI (Reuters) – Dubai’s stock market rose in early trading on Sunday, supported by property and banking shares, while trading was mixed in other parts of the Gulf.

Dubai’s index <.DFMGI> gained 0.4 percent as blue chip developer Emaar Properties <EMAR.DU> added 1.0 percent and major bank Emirates NBD <ENBD.DU> rose 0.5 percent after reporting a 10 percent rise in fourth quarter profit last week.

Emaar’s retail unit Emaar Malls <EMAA.DU> jumped 1.2 percent and Dubai Islamic Bank <DISB.DU> rose 0.2 percent.

Abu Dhabi’s main index was up 0.1 percent, boosted by a 7.8 percent gain in Abu Dhabi Aviation <ADAC.AD> and a 0.5 percent rise at Abu Dhabi Commercial Bank <ADCB.DU>.

Telecom Etisalat <ETEL.AD> was down 0.4 percent.

Saudi Arabia’s main index <.TASI> was flat as Saudi Basic Industries (SABIC) <2010.SE> jumped 1.0 percent and the Gulf’s largest dairy company, Almarai <2280.SE>, fell by 4.3 percent after reporting a 23 percent fall in fourth-quarter profit.

Savola Group <2959.SE> was down 3.9 percent.

The Qatar index <.QSI> fell 0.1 percent, dragged down by Qatar Electricity & Water Co <QEWC.QA> which fell 1.0 percent and Qatar Islamic Bank which was down 0.5 percent.

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