Real estate firms buoy Qatar, UAE sluggish

 15 Feb 2016 - 10:50

Real estate firms buoy Qatar, UAE sluggish

DUBAI: Real estate stocks buoyed Qatar's bourse early on Monday after strong earnings from United Development Co, while United Arab Emirates markets were mixed in sluggish trade.

Qatar's index climbed 0.8 percent as United Development, the most heavily traded stock, jumped 7.8 percent. 

It reported a 10.2 percent rise in 2015 net profit and recommended a dividend of 1.5 riyals per share, up from 1.25 riyals a year earlier.

Other real estate shares rose in sympathy, with Barwa Real Estate gaining 3.7 percent.

Dubai's index fell 0.8 percent, however, as Emaar Properties pulled back 0.7 percent and DAMAC Properties lost 1.6 percent.

Islamic Arab Insurance Co, which usually sees small volumes, was the most heavily traded stock, dropping 3.2 percent after it posted a 162.8 million dirham ($44.4 million) net loss for 2015 compared to a 36.7 million dirham profit in 2014.

Telecommunications firm du dropped 1.2 percent after reporting a 10.1 percent fall in fourth-quarter profit to 461.0 million dirhams; it had also reported declining profits in the preceding four quarters. Beltone Financial had forecast a profit of 584.5 million dirhams.

Shares in du's bigger rival, Abu Dhabi-listed Etisalat , rose 0.6 percent after it posted a 2.7 percent rise in fourth-quarter profit to 2.32 billion dirhams.

Abu Dhabi's index edged down 0.1 percent as Aldar Properties fell back 2.1 percent. It had surged on Sunday before reporting a 9.1 percent rise in fourth-quarter net attributable profit.