DUBAI: Qatari shares ended higher on Monday, extending gains for a third consecutive session, led by financial stocks after Moody’s gave an upbeat forecast for the sector. Other major Gulf markets were little changed.
A Moody’s report on Monday said that Qatari bank profits will remain resilient in 2021 despite higher provisioning costs driven by the COVID-19 pandemic. Qatar’s benchmark rose 0.6%, with Qatar Islamic Bank climbing 2.2% while Qatar National Bank, the Gulf’s largest lender, closed with a 0.7% gain.
Saudi Arabia’s benchmark index eased 0.1%, hit by a 2.4% fall for Al Rajhi Bank. The losses were capped, however, by a 2.2% rise for National Commercial Bank. In Dubai, the main share index gave up early gains to finish flat, with strength in the telecoms sector offset by losses among property companies.
Amanat Holdings jumped more than 3% after the Dubai-listed healthcare company said it had bought long-term care specialist Cambridge Medical and Rehabilitation Center for an enterprise value of $232 million from private equity firm TVM Capital Healthcare. Outside the Gulf, Egypt’s blue-chip index traded flat.
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