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Qatar stock market outperforms, rest of region sluggish

Qatar’s stock market outperformed the Gulf Monday as large-caps carried the index higher, but other bourses were little changed as a fresh slide in oil prices and a decline in Asian share markets kept buyers away.

Qatar’s main index added 0.6 percent, taking its gains over the past month to 5.4 percent. Qatar National Bank rose 1.0 percent and petrochemical producer Industries Qatar climbed 2.5 percent.

Both stocks are on a provisional list of about 20 which index compiler FTSE has said may be included in its secondary emerging markets index. A final list of stocks to be included will be announced after the close on Wednesday.

Dubai’s index edged up 0.1 percent. Courier Aramex climbed 2.3 percent to 4.09 dirhams in a second straight day of unusually heavy trade; it has jumped 7.5 percent over the past week, and is now trading close to the median fair value of 4.02 dirhams estimated by six analysts polled by Reuters.

Other mid-cap shares also outperformed, with Dubai Parks and Resorts rising 1.9 percent and Gulf Navigation Holding adding 2.7 percent.

In Abu Dhabi, the index edged down 0.1 percent, with the main drag from large-cap lenders. First Gulf Bank fell 0.4 percent and Abu Dhabi Commercial Bank slid 0.2 percent.

Saudi Arabia’s index ended flat at 6,071 points as petrochemicals and banks were mixed. Saudi International Petrochemical (Sipchem) jumped 5.5 percent but Advanced Petrochemical fell 0.8 percent.

Islamic lender Al Rajhi Bank rose 1.4 percent while Samba Financial Group and National Commercial Bank each lost 0.6 percent.

Saudi Telecom Co (STC) retreated 1.3 percent. An Egyptian official said representatives from Saudi Telecom were in Egypt this week to discuss the possibility of obtaining a fourth-generation mobile phone licence there.

MONDAY’S HIGHLIGHTS

SAUDI ARABIA

* The index was flat at 6,071 points.

DUBAI

* The index edged up 0.1 percent to 3,494 points.

ABU DHABI

* The index dropped 0.1 percent to 4,495 points.

QATAR

* The index rose 0.6 percent to 11,262 points.

KUWAIT

* The index slipped 0.1 percent to 5,405 points.

OMAN

* The index fell 0.5 percent to 5,780 points.

BAHRAIN

* The index dropped 0.3 percent to 1,136 points.

Source: Reuters

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