December 6, 2018 / 8:11 AM / 10 days ago

MIDEAST STOCKS-Dubai suffers real estate slide, other markets steady

Dec 6 (Reuters) - Dubai’s stock market fell sharply on Thursday, as real estate stocks fell further following a property price slide, while most major Middle Eastern markets remained steady.

Trading in other markets was tepid in the countdown to an OPEC-meeting expected to result in a supply cut, but the Dubai index slipped 1.3 percent, after falling to its lowest in nearly three years in the previous trading session.

Property developer Emaar Properties was down 3.2 percent, while Deyaar Properties lost 2.6 percent.

Dubai property prices sank 7.4 percent from a year earlier in the third quarter of 2018, accelerating from a 5.8 percent decline in the second quarter, the United Arab Emirates central bank said in a report on Tuesday.

Saudi Arabia’s main index edged down 0.2 percent, as its petrochemical stocks fell, affected by sliding oil prices.

Market heavyweight Saudi Basic Industries lost 0.7 percent and Yanbu National Petrochemicals fell 1 percent.

Saudi International Petrochemical (Sipchem) said it intends to enter into a merger of equals with Sahara Petrochemicals, after which Sahara would become a unit of Sipchem and its shares delisted from the index.

Sipchem fell 1.1 percent and Sahara added 0.9 percent.

The Abu Dhabi index was flat after losing 1.4 percent in the last session. International Holding Co was the biggest drag on the index, diving 8.1 percent.

Qatar’s index was also flat, with Qatar Insurance Co falling 0.7 percent and Qatar Fuel dropping 0.1 percent. (Reporting by Abinaya Vijayaraghavan and Ateeq Shariff in Bengaluru; Editing by Alexander Smith)

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