Banks, real estate lead Abu Dhabi, Dubai down

Banking and real estate stocks steered Abu Dhabi's main index to end lower after three days of gains, while real estate shares weighed on Dubai.

First Gulf Bank and Union National Bank fell 2.07 percent and 1.82 percent respectively, while Sorouh Real Estate slipped 0.93 percent.

The index, which is up nearly 12 percent so far this year, closed 0.31 percent lower at 5,080.93 points.

Aabar Investments was one of the best-performers, surging to close 7.82 percent higher after the energy firm said it was considering issuing a convertible bond to an Abu Dhabi-based strategic investor.

In Dubai, the main index fell for a second trading day, closing 0.4 percent lower at 5,508.82 points, led by Emaar Properties which slipped 1.83 percent and Dubai Investments Co which fell 2.53 percent.

Deyaar closed 1.84 percent lower. Arabtec, the session's best-performing stock, surged 9.97 percent.

"The market is expecting great forecasts and there is a revision of price targets by HSBC and Goldman Sachs to above 22 dirhams," said Mohammed Alami at Naeem Shares & Bonds.

"The only restriction on Arabtec were foreign investors and the buying of Arabtec stock by foreign investors is closed. There is a lot of interest from local investors."

Shares of Al Jazeera Steel Product Co closed 8.12 percent higher helping to boost Oman's main index for a third trading day.

Muscat's measure, which is up more than 27 percent so far this year, closed 0.87 percent higher at 11,632.66 points.

Al Jazeera Steel continued to surge on expectations of strong second-quarter results, talk of expansion plans and high world steel prices, said Adel Nasr at United Securities brokerage. The stock has rallied 20 percent in the last four trading days.

Shares of Oman Telecommunications (Omantel) closed 1.32 percent higher and Oman International Bank 1.58 percent higher. Banking shares led the country's main index to a lower close for the first time in four trading days.

Qatar Commercial Bank fell 1.18 percent and Qatar Islamic Bank 0.86 percent as the index, the second-best performing measure after Oman, slipped 0.07 percent to 12,161.15 points.

The market rose in early trading, helped by shares of Dlala Brokerage and Investment Co which closed 9.32 percent higher on expectations of good second-quarter results.

Kuwait's index, the third best-performing measure in the Gulf Arab region this year, closed 0.46 percent lower at 15,376 points, led by Kuwait Finance House which fell 1.41 percent and National Industries Group Holding which slipped 2.90 percent.

Bahrain's main index closed higher for a sixth consecutive trading day led by shares of Ahli United Bank and Bahrain Telecommunications Co, which ended 0.8 percent, and 0.49 percent higher respectively.

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