Weak oil weighs on Saudi, developer Emaar aids Dubai

Saudi Arabia’s stock market fell on Tuesday, pressured by its banks amid falling oil prices, while Dubai was supported by gains in its largest listed developer Emaar Properties.

Oil prices fell more than 3 percent overnight after U.S. President Donald Trump called on OPEC to rein in its efforts to boost prices.

Saudi Arabia’s index slid 0.3 percent with Riyad Bank losing 2.1 percent and Al Rajhi Bank falling 0.3 percent.

Dallah Healthcare slipped 1.6 percent after its full-year net profit more than halved due to an increase in pre-operating and startup expenses.

United Wire Factories fell 1.3 percent after saying continued low demand for building materials had led to a 72 percent drop in its full-year net profit.

The Dubai index added 0.6 percent, as its real estate stocks rose.

Emaar Properties was up 3.3 percent in heavy volume. A total of 11.6 million shares exchanged hands, more than its 30-day average of 11.2 million.

Emaar’s retail arm, Emaar Malls bought the 49 percent of e-commerce fashion website Namshi it did not own from Global Fashion Group for 475.5 million dirhams ($129.47 million). Emaar Malls was flat.

On Monday, Dubai snapped its longest stretch of gains since January 2018, that was mainly triggered by strong fourth-quarter earnings from real estate firms.

Qatar’s index edged down 0.1 percent, with lender Masraf Al Raya losing 4.6 percent. Its shareholders approved the establishment of a $1 billion trust certificate issuance programme.

But Qatar International Islamic Bank was up 0.7 percent after saying its board recommended increasing foreign ownership limit to 49 percent from its current 25 percent. The company is set to have its annual general meeting on March 10.

The Abu Dhabi index rose 0.3 percent with the Abu Dhabi National Hotels surging 14.8 percent.

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