Gulf stock markets were mixed in early trade but a rebound by real estate blue chip Emaar Properties lifted Dubai.
The Dubai index gained 0.6 percent as Emaar, which had been trading near 14-month lows because of a slumping Dubai real estate market, surged 2.8 percent to 6.20 dirhams.
The stock had reached a trailing price-earnings ratio of about 7.6 times, according to Thomson Reuters data – cheap by emerging market standards. Of 12 analysts rating it, 10 have a “buy” or “strong buy” rating and none have a “sell”, according to a Reuters survey; their median target price is 9.45 dirhams.
But Najran Cement fell 1.8 percent after it swung to an annual net loss of 21.9 million riyals from a profit of 125.7 million riyals in the previous year.
Qatar’s index slipped 0.6 percent largely because of a 1.5 percent drop by Qatar National Bank, the largest lender.