Dubai shares rise on Emirates NBD boost; other markets mixed

The Dubai stock market rose sharply on Tuesday, buoyed by gains in its top bank Emirates NBD's shares after receiving regulatory nod to increase foreign ownership limit.

Dubai's main share index advanced 1.2pc, with Emirates NBD Bank jumping 4.4pc, a day after it received regulatory approvals to increase foreign ownership limit to 40pc from 20pc.

In the previous session, the lender retreated 1.9pc following a 58pc slide in second-quarter profit to 2 billion dirhams ($544.54 million), compared to 4.74 billion dirhams year ago.

Emirates NBD said its impairment allowances had increased to 4.2 billion dirhams by June-end from 2.6 billion in the first quarter, with an annualised net cost of risk of 172 basis points.

Saudi Arabia's benchmark index edged up 0.2pc.

Al Rajhi Bank gained 0.4pc, while Etihad Etisalat advanced 3.5pc after the telecoms firm reported an increase in second-quarter profit.

On Monday, the Saudi index retreated following the news King Salman bin Abdulaziz, who is suffering from inflammation of the gall bladder, had been admitted to hospital.

The Abu Dhabi the index dropped 0.4pc, driven down by a 1.3pc fall in Emirates Telecommunications Group ahead of its board meeting to approve second-quarter earnings.

In Qatar, the index eased 0.3pc, hurt by a 3.4pc slide in Doha Bank and a 0.6pc decrease in Qatar National Bank.