A slight rebound in oil prices and a rally in global equities supported most stock markets in the Middle East on Sunday, but profit-taking continued in Qatar. Brent crude climbed back above $80 a barrel and global stock markets also rose on Friday after China made a surprise interest rate cut and the European Central Bank indicated it would step up asset purchases.
China is a major market for Gulf petrochemicals firms such as Saudi Basic Industries (SABIC), shares of which jumped 2.4 percent on Sunday and helped Saudi Arabia's index to a 1.1 percent gain.
Most other stocks also rose, but Etihad Etisalat (Mobily) edged down 0.4 percent after the telecoms operator suspended chief executive Khalid al-Kaf after the company restated 18 months of previously announced earnings, wiping out $381 million of prior profit.
Egypt's index rose 0.2 percent as shares in Amer Group climbed by 5.5 percent after the company said it would split its core real estate business from its hospitality, retail, food and entertainment operations.
"Given the lack of listed securities in retail, food and hospitality segment in Egypt, the non-real estate business could get a premium valuation from local as well as foreign investors," Harshjit Oza, property and banking analyst at Cairo-based Naeem brokerage, said in a note.
Dubai's index gained 1.5 percent as most stocks rose. Emaar Properties, the emirate's largest listed developer, was the main support with a 3.7 percent rise to 11.30 dirhams.
Abu Dhabi's index edged up 0.1 percent on the back of Aldar Properties' 2.2 percent gain. Shares in National Bank of Ras Al Khaimah (RAKBank) rose 2.1 percent to 9.65 dirhams after breaking through resistance at 9.30 dirhams in the previous session.
Qatar's bourse, however, edged down 0.7 percent as investors continued to book profits after strong gains last week. Shares in Qatar National Bank fell 0.9 percent after rising 2.9 percent last week. Medicare Group, which had gained 8.3 percent, fell 1.5 percent on Sunday.
Comments
Comments are closed.