Arabian Gulf stock rise despite crude slide

Shares were higher across the Arabian Gulf on Monday, in spite of slipping oil prices and mixed third-quarter earnings.

Brent crude futures trended lower, as Iraq continued to resist calls to cut its production levels. Oil was trading at US$49.20 per barrel on Monday afternoon.

The Dubai Financial Market General Index drifted lower in morning trading, before recovering to close up 0.3 per cent at 3,332.41. Emaar Properties and Dubai Islamic Bank led big-name gainers, closing up 0.8 per cent and 0.1 per cent, respectively.

Aramex shares closed 0.1 per cent lower at Dh3.54, after the logistics company announced a 3 per cent dip in third-quarter profits on slowing economic conditions in the Gulf states.

Shares in DFM closed up 0.8 per cent at Dh1.15, after the index owner announced a 22 per cent drop in third-quarter profit on Sunday.

The Abu Dhabi Securities Exchange General Index closed up 0.3 per cent at 4,300.18.

FGB, NBAD and Aldar Properties all closed higher, offsetting a fall by Etisalat, the index’s most heavily weighted stock. Shares in Eshraq Properties closed up 3.9 per cent at 79 fils after the developer announced the resignation of managing director Sulaiman Al Dhalaan.

In Saudi Arabia, the Tadawul closed 0.5 per cent higher, after the country’s Capital Market Authority announced regulations for the trading of real estate investment trusts (Reits). The Tadawul’s ninth straight day of gains brought it to a close above 6,000, at 6,012.22.

In Doha, the Qatar Exchange closed 0.3 per cent higher, following a 2.2 per cent drop on Sunday. Ooredoo was among the main gainers, rising 3 per cent, even as the telco announced a 51 per cent fall in third-quarter profits.

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