Qatar’s stock market lifted by Industrials, most major Gulf rise

Big 5

Qatar’s stock market rose on Tuesday, lifted in part by Qatar Electricity and Water Company, while most major Middle Eastern stocks edged higher in early trading.

The Qatari index rose 0.1 percent, with Qatar Electricity and Water Co gaining 1.2 percent after its unit signed an amendment to increase water desalination capacity by 61.5 million gallons per day.

Qatar Insurance Co snapped a three-day losing streak to gain 2 percent, while Industries Qatar rose 0.8 percent.

Dubai’s index edged up 0.2 percent, with Islamic Arab Insurance Co rising 3.5 percent.

Property firms DAMAC Properties and Emaar Properties rose 2.6 percent and 0.4 percent, respectively. Earlier this week, Emaar reported a 7.2 percent rise in first-quarter profit helped by a significant jump in sales.

The Saudi index was up 0.1 percent with Al Yamamah Steel gaining 3.8 percent after posting a surge in its second-quarter net profit.

Al Moammar Information Systems was up 3.8 percent after the communication technology solutions provider swung to a profit in its first-quarter helped by new orders.

The Abu Dhabi index fell 0.2 percent, with Abu Dhabi Commercial Bank, which formalised a merger with two other banks last week, declining 1.4 percent after posting a 5 percent fall in its first-quarter profit, driven by lower interest income.

Source: Reuters

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