Gulf stocks languish, Qatar’s Nakilat gains on foreign limit

Gulf stocks lacked direction in thin trading Tuesday, with a weak oil backdrop making investors shy of increasing risk.

Worries about oversupply and the health of the global economy kept Brent crude gains capped. It edged up to $48.88 per barrel after a nearly 3 percent drop in the previous session.

Dubai’s stock index eased 0.2 percent to 3,695 points, keeping to the tight range of 100 points it has traded in for two weeks.

Shares in Abu Dhabi and Qatar were almost flat, although Qatar Gas Transport (Nakilat) rose 2.8 percent, dominating trading volumes, after the firm raised its foreign ownership limit to 49 percent from 25 percent.

Kuwait’s benchmark gained 0.3 percent, attempting to break out of its sideways trend despite the suspension of some shares on Tuesday. Mostly small caps, these firms have either not reported earnings for the second quarter, not held shareholder meetings within the given time or are in the process of reducing capital.

Source: Reuters