Qatar's stock market rose sharply on Monday, helped by financial shares, while a surge in Deyaar Development buoyed the Dubai index, even as most Middle Eastern stocks were quiet. In Qatar, the index rose 1.2%, extending its gains for a third straight day, with Qatar Islamic Bank increasing 2.6% and Masraf Al Rayan adding 3.3%. The two are scheduled to report their third quarter financials on Oct. 16 and 27 respectively.
Dubai's main share index was up 0.5% as real estate developer Deyaar Development soared 14.7%, reaching its highest since November 2018, after the company said its board would approve third-quarter results later this week. Air Arabia also gained 1.5% after the company's chief executive officer said the budget airline might decide by January on an order for around 115 to 120 planes.
In Saudi Arabia, the benchmark index slipped 0.4%. Riyad Bank lost 2.7% and Jabal Omar development dropped 1.2%. Amongst other stocks, National Shipping Company of Saudi Arabia (Bahri) was down 3% as it traded ex-dividend. With Monday's fall, the Saudi bourse's main index has fallen in nine of ten sessions this month, leaving it at 3.1% down so far this year. It had gained more than 20% in the first four months of 2019 in the run up to joining the MSCI and FTSE emerging-market indexes, which helped attract billions of dollars from passive funds.
However, the trade dispute between the United States and China, growing geopolitical risks in the region and volatile oil prices have hit the market since then and kept active emerging market funds from investing in the kingdom. Outside the Gulf, Egypt's blue-chip index slipped 0.3% led by a 2.5% fall in real estate developer Talaat Mostafa and a 5.1% plunge in Juhayna Food. In Abu Dhabi, the index traded flat with market heavyweight First Abu Dhabi Bank adding 0.4% while Abu Dhabi Commercial Bank was down 1.8%.
Comments
Comments are closed.