QNB aides Qatar gains, most Gulf markets trade down

Most Middle Eastern stock markets dropped in quiet trading on Thursday, with Qatar recovering a little after suffering its worst one-day drop since August in the last session.

The Qatar index, which has been the best performing market in the Gulf this year, inched up 0.3 percent, driven by a 2.5 percent rise in Qatar National Bank.

“We are not seeing liquidity move into the local markets yet despite the good (sort of earnings),” Marie Salem, director capital markets at FFA Private Bank in Dubai said.

“Investors are still not too comfortable investing in the region in general and in the local markets in particular,” Salem added.

Saudi Arabia’s index shed 0.1 percent as banks and petrochemical shares weighed on it. Market heavyweight Saudi Basic Industries was down 0.3 percent, while Arabian Pipes lost 2 percent after reporting a loss in its third-quarter.

Saudi Fisheries, however jumped 10 percent in heavy trade.

Dubai’s bourse was down 0.1 percent, with Emaar Properties dropping 0.9 percent and Dubai Islamic Insurance losing 3.6 percent.

The Abu Dhabi index was also down 0.1 percent as First Abu Dhabi lost 0.1 percent.

But Abu Dhabi National Energy outperformed the market, rising 3.6 percent after posting a third-quarter profit, recovering from a loss a year earlier, as higher oil prices boosted its revenue.

Source: Reuters