Gulf bourses firm as oil came off multi-month lows

Bourses in the Gulf firmed on Wednesday as oil prices came off multi-month lows and global equities firmed.

Dubai’s main index rebounded 1.2 percent as large and mid-cap stocks outperformed, with Emaar Properties climbing 1.4 percent.

In Abu Dhabi the index closed up 0.4 percent as some blue-chip lenders advanced; First Gulf Bank added 1.7 percent. Telecommunications firm Etisalat dropped 0.5 percent as it went ex-dividend.

Qatar’s main index climbed 1.3 percent to 10,681 points, its highest close since November 2015. Petrochemical and metals producer Industries Qatar jumped 3.3 percent after its second-quarter net profit beat analysts’ estimates; profit fell 13.6 percent to 1.27 billion riyals ($350 million) but exceeded an average forecast of 799.9 million riyals.

Other blue chips also advanced with the largest listed lender, Qatar National Bank, adding 1.5 percent.

In Saudi Arabia, the index edged up 0.1 percent as petrochemical shares rebounded; Saudi Basic Industries added 0.6 percent. SABIC fell 1.5 percent over the week.

Retailer Jarir Marketing, which fell as much as 1.2 percent during the day as it went ex-dividend, recovered to close up 1.0 percent.

THURSDAY’S HIGHLIGHTS

SAUDI ARABIA

* The index rose 0.1 percent to 6,246 points.

DUBAI

* The index gained 1.2 percent to 3,472 points.

ABU DHABI

* The index rose 0.4 percent to 4,527 points.

QATAR

* The index advanced 1.3 percent to 10,681 points.

KUWAIT

* The index edged down 0.2 percent to 5,459 points.

OMAN

* The index added 0.4 percent to 5,870 points.

BAHRAIN

* The index edged up 0.1 percent to 1,157 points.

Source: Reuters