Qatar stock market takes a breather, Dubai index edges higher

Big 5

Gulf stock markets diverged during early trade Wednesday, with Qatar’s edging lower and Dubai’s gaining slightly.

Qatar’s index slipped 0.3 percent after closing higher in four of the last five sessions.

After the close on Wednesday, FTSE is expected to release a list of Qatari stocks to be included in its emerging market index from mid-September.

Shares in companies which have been rising in anticipation of inclusion were the main laggards in early trade. Telecoms provider Ooredoo lost 1.1 percent and petrochemical producer Industries Qatar fell 1.3 percent.

Dubai’s index added 0.5 percent, with gainers outnumbering losers 16 to nine. Small and mid-sized companies were the top performers, with healthcare service provider Amanat Holdings rising 2.3 percent.

But GFH Financial was down 0.7 percent, erasing some of the 4.3 percent jump in the previous session.

Petrochemical shares weighed on Saudi Arabia’s index , which had slipped 0.2 percent after 35 minutes of trade after Brent oil futures fell back below $48.50 a barrel. Saudi Basic Industries lost 0.3 percent.

Construction firm Abdullah Al Khodari bucked the trend and added 3.4 percent in heavy trade. On Sunday the company said it had obtained a financing deal from a bank and a 69 million riyal ($18.4 million) contract from Saudi Arabia’s Ministry of Environment, Water & Agriculture for maintenance of water networks.

Source: Reuters