Qatar, Saudi stocks edge up, UAE slips on profit-taking

Stock markets in Qatar and Saudi Arabia inched up in early trade Monday as firm oil and global stock markets encouraged investors to buy, but the two main indexes in the United Arab Emirates slipped as investors booked profits on recent gains.

Qatar’s equities index rose 0.4 percent as the largest listed stock, Qatar National Bank, climbed 1.9 percent. Other banks also advanced including Islamic lender Masraf Al Rayan which was up 0.5 percent.

But Dubai’s index slipped 0.1 percent as some of Sunday’s top gainers pulled back. Arabtec was down 0.7 percent and Dubai Parks and Resorts off 0.6 percent.

Abu Dhabi’s index pulled back 0.2 percent in thin volume as usually heavily traded shares were largely inactive. Dana Gas fell 1.8 percent.

Petrochemical shares helped carry Saudi Arabia’s index up 0.1 percent after 10 minutes of trade. Saudi Kayan Petrochemical and Saudi International Petrochemical were the sector’s top gainers, both up 0.8 percent.

But the banking sector, the largest sector by market value, lagged as Saudi Hollandi Bank fell 1.0 percent.

Kuwait’s Agility climbed 1.0 percent after the logistics company reported an 11 percent rise in second-quarter net profit to 15 million dinars ($50 million), ahead of SICO Bahrain’s forecast of 13.7 million.

Source: Reuters