DUBAI, Feb 24 (Reuters) – Dubai stocks rebounded on Sunday after falling in the previous session, helped by strong gains in market heavyweight Emaar Properties, while financials weighed on both the Saudi and Qatari markets.
Dubai’s index was up 0.4 percent, supported by Emaar Properties, which gained 2.6 percent.
Property firms have led a recent rally after signs of recovery in their fourth-quarter results and more construction contracts. However they remain vulnerable to falling property prices.
Dubai residential property prices, which have fallen 25 to 33 percent in nominal terms since 2014, are likely to fall another 5 to 10 percent this year, S&P Global Ratings said on Tuesday.
Saudi Arabia’s Tadawul index fell 0.1 percent, weighed down by Riyad Bank, which was down 0.3 percent and Al Rajhi Banking which fell 0.2 percent. Samba Financial Group was down 0.5 percent.
The Saudi market is consolidating after a strong rally in January due to an increase in foreign fund flows ahead of the market’s inclusion in key emerging market benchmarks later this year. The index is up 9 percent year to date.
The Qatari index was flat with Commercial Bank down 1.5 percent and Qatar National Bank down 0.3 percent.
The Abu Dhabi index was also up nearly 0.5 percent with First Abu Dhabi Bank gaining almost 1 percent. (Reporting by Nafisa Eltahir; editing by Saeed Azhar and Jason Neely)