Most major Gulf stocks rise, but banks hurt Qatar

Most major Gulf stocks rebounded on Wednesday, a day after tumbling on a rebalancing of MSCI indexes, while Qatar shares fell in early trade.

In Saudi Arabia, the benchmark index rose 0.3 percent with Al Rajhi Bank and Saudi Basic Industries increasing 1.3 percent and 0.8 percent, respectively.

Global index provider MSCI on Tuesday implemented the final step of an increase in the weighting of mainland Chinese stocks, or A shares, in its widely followed emerging markets benchmark . Most Gulf stock indexes slipped into negative territory following the event, with Saudi leading the losses.

Dubai’s index rose 0.2 percent, as Dubai Islamic Bank gained 1.7 percent and DAMAC Properties leapt 3.6 percent.

On Tuesday, Dubai Islamic Bank called a shareholders’ meeting on December 17 to approve acquisition of the unlisted Noor Bank.

Among other banking stocks, Ajman Bank also rose 2.7 percent. On Tuesday, the lender said that it had arranged a 575 million dirhams ($156.56 million) syndicated financing for the government of Pakistan.

In Abu Dhabi, the index edged up 0.1 percent with First Abu Dhabi Bank adding 0.1 percent.

However, Qatar’s index slipped 0.1 percent, led by a 2.5 percent fall in Qatar International Islamic Bank and a 1.1 percent slide in Mesaieed petrochemicals.

Source: Reuters

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