Qatar stocks rise to multi-month highs; petchems support Saudi

Stock markets in Qatar closed at multi-month highs on Monday on the back of firm global bourses, while Saudi Arabia’s stock market was supported by a recovery in oil prices.

Qatar’s index rose 1.2 percent to 10,920 points, a nine-month high. Vodafone Qatar jumped 6.0 percent in unusually heavy trade and the largest listed stock, Qatar National Bank, added 2.3 percent.

Abu Dhabi’s index reversed an early decline to add 0.1 percent as some mid-cap shares advanced. Abu Dhabi National Energy Co surged 8.0 percent.

First Gulf Bank rose 0.4 percent but most other large-cap lenders lagged, with Abu Dhabi Commercial Bank dropping 0.6 percent.

Dubai’s index ended the session flat in thin trade with just under half of traded shares declining and a little over a fifth gaining. Builder Arabtec, which climbed 3.4 percent on Sunday, retreated 1.3 percent.

Kuwait’s Agility climbed as much as 1.0 percent but ultimately closed flat after the logistics company reported an 11 percent rise in second-quarter net profit to 15 million dinars ($50 million), ahead of SICO Bahrain’s forecast of 13.7 million.

Kuwait’s main index advanced 0.5 percent, supported by banking shares. Boubyan Bank rose 1.3 percent and Al Ahli Bank of Kuwait added 1.6 percent.

SAUDI ARABIA

Riyadh’s main index rose 0.5 percent with the petrochemical sector gaining for a third session in a row as Brent oil traded above $44 a barrel, recovering from a four-month low of $41.51 hit on Aug. 2.

Industry bellwether Saudi Basic Industries added 0.3 percent and an affiliate of SABIC, Saudi Kayan Petrochemical , jumped 4.5 percent.

Some domestic demand-driven companies also advanced with retailer Fawaz Abdulaziz Alhokair climbing 5.0 percent.

MONDAY’S HIGHLIGHTS

SAUDI ARABIA

* The index rose 0.5 percent to 6,319 points.

DUBAI

* The index was flat at 3,511 points.

ABU DHABI

* The index added 0.1 percent to 4,549 points.

QATAR

* The index rose 1.2 percent to 10,920 points.

KUWAIT

* The index gained 0.5 percent to 5,516 points.

OMAN

* The index edged up 0.2 percent to 5,887 points.

BAHRAIN

* The index slipped 0.2 percent to 1,155 points.

Source: Reuters