Mideast Stocks: Property shares buoy UAE bourses; Egypt snaps losing streak

Mideast Stocks: Property shares buoy UAE bourses; Egypt snaps losing streak

Major Gulf markets ended higher on Tuesday, with gains in real estate shares boosting indexes in the United Arab Emirates, while Egypt snapped eight sessions of losses.The Abu Dhabi index closed up 1.3%, boosted by a 11.8% surge in Aldar Properties which saw its biggest intraday gain in nearly six years on Monday after announcing it will take over the management and development of government capital projects worth 30 billion dirhams ($8.17 billion) under an agreement with state-backed ADQ. First Abu Dhabi Bank increased 1.4%. In the previous session, the United Arab Emirates' biggest lender reported a 19% fall in quarterly profit, dragged down by a double-digit drop in net interest income and higher impairment charges. Dubai's main share index gained 1.1%, led by a 5.8% rise in blue-chip developer Emaar Properties