DUBAI: Qatar Exchange led gains in the Gulf yesterday as it recovered from a sell-off sparked by global cues last week, while most other markets edged up in low-volume trade.
The Qatari benchmark rose 1.1 percent. Most stocks in Doha rose although Qatar Insurance and Ezdan Holding fell 2.9 and 0.1 percent respectively, having surged last month on their inclusion in MSCI’s benchmark.
Other Gulf markets mostly consolidated with a positive bias. Brent oil fell as much as $1 to $64.56 per barrel during the day but pared some losses and climbed back above $65 shortly before Saudi Arabia’s bourse closed, allowing Riyadh to eke out a 0.05 percent gain.
Oil shipper Bahri was one of the main supports, jumping 3.6 percent as the kingdom’s Capital Market Authority approved its plans to issue sukuk, the value of which has yet to be decided.
Bahri is expanding its fleet and is set to benefit from record high volumes of oil exports from the Gulf.
Among other stocks, petrochemicals giant Saudi Basic Industries edged up 0.5 percent and Al Rajhi Bank climbed 0.6 percent.
Yamamah Cement Co fell 1.8 percent as its shares went ex-dividend.
Dubai’s index edged up 0.5 percent as most shares climbed on low volumes. Heavyweight Emaar Properties was the most traded stock and inched up 0.1 percent after its Egyptian unit announced the details of its upcoming initial public offer.
Reuters
