Qatar’s index breaches mark ahead of QNB earnings

Qatar’s index has breached Monday the 10,000-point mark for the first time since mid-May as it resumed trading after the Eid holiday, which marks the end of the Muslim fasting month of Ramadan.

Banks led the way, with Qatar Islamic Bank up 2.9 percent, as was Qatar National Bank on the day before it reports its second-quarter numbers. Analysts polled by Reuters expect the Middle East’s largest bank to post a 10 percent increase in net profit.

Dubai’s market recorded its highest close since May 1, up 0.2 percent.

Neighbouring Abu Dhabi’s measure continued its retreat from last Monday’s 9-1/2 week high, slipping 0.6 percent as many names which had been boosted by merger hopes shed some of their recent gains.

National Bank of Abu Dhabi was the main drag, down 3.4 percent. Its planned tie-up with First Gulf Bank to create one of the largest lenders in the Middle East and Africa had led to speculation around other bank mergers in the emirate.

Union National Bank, considered a prime candidate for consolidation, dropped 3.1 percent on Monday after jumping 12.5 percent in the previous four sessions.

Saudi Arabia’s bourse advanced 0.2 percent, aided by gains in mid-cap petrochemical firms including Saudi Kayan Petrochemical and National Industrialization (Tasnee), which rose 3.8 percent and 6.1 percent respectively.

Advanced Petrochemical bucked the trend, slipping 0.2 percent after reporting a 23.5 percent year-on-year decline in second-quarter net profit to 186 million riyals ($49.6 million). The figure was in line with the average estimate of three analysts, according to Thomson Reuters Eikon data.

Kuwait’s exchange dipped 0.3 percent, with most trading in small-cap stocks, a sign of speculative retail investors dominating amid a lack of catalysts. The heaviest-traded stock was National Ranges Co, which fell 1.85 percent.

MONDAY’S HIGHLIGHTS

QATAR

* The index jumped 1.4 percent to 10,106 points.

DUBAI

* The index gained 0.2 percent to 3,393 points.

ABU DHABI

* The index dipped 0.6 percent to 4,540 points.

SAUDI ARABIA

* The index rose 0.2 percent to 6,570 points.

KUWAIT

* The index fell 0.3 percent to 5,365 points.

OMAN

* The index edged up 0.07 percent to 5,820 points.

BAHRAIN

* The index advanced 0.3 percent to 1,156 points.

Source: Reuters

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