DUBAI: Bank stocks helped support markets in the UAE on Wednesday, while Egypt’s blue-chip index extended losses for a third straight session.
Dubai’s index edged up 0.1 percent supported by Emirates NBD and Emaar Malls, which were up 0.4 percent and 1.6 percent respectively.
Air Arabia closed up 1.4 percent, stretching its winning streak to a third day. On Monday, the budget airline announced an order for 120 Airbus A320neo-family jets in a deal worth about $14 billion.
However, the market’s gains were capped by losses at real estate sector with Arabtec Holding falling 4.7 percent, the biggest loser on the index.
On Friday, the contractor swung to a third quarter loss, compared with a profit a year earlier.
In Abu Dhabi, the index was also up 0.1 percent with First Abu Dhabi Bank adding 0.3 percent and International Holding Co. (IHC) soaring 8.9 percent, its biggest intraday gain since mid-October.
On Tuesday, IHC called off an acquisition of SHUAA Capital International.
Saudi Arabia’s benchmark index rose marginally to close up 0.1 percent as Saudi Basic Industries gained 0.7 percent and Savola Group climbed 3 percent.
Arabian Centres advanced 2 percent. The Saudi mall operator obtained $1.4 billion in Shariah-compliant financing facilities with a syndicate of banks.
The Qatari index traded flat with financial shares and petrochemical stocks moving sideways.
Qatar International Islamic Bank slid 3.2 percent, while Mesaieed Petrochemical gained 1.2 percent.
Outside the Gulf, Egypt’s blue-chip index lost 0.6 percent.
The country’s largest lender, Commercial International Bank, dropped 1.6 percent and Madinet Nasr was down 2.2 percent. However, the index received some support from Eastern Company, which rose 0.9 percent.