UAE, Qatar stocks edge up in early trade

Stock markets in the United Arab Emirates inched up in early trade on Monday with Abu Dhabi’s exchange backed by government owned shares while Qatar’s largest listed developer kicks off second quarterly financial reports on a strong footing.

Abu Dhabi’s index was up 0.2 percent with National Bank of Abu Dhabi extending its 4.0 percent gains from the previous session to add 1.5 percent. On Sunday NBAD and First Gulf Bank boards approved the merger via a share swap. FGB, however, was down 0.8 percent after closing up 2.0 the previous session.

Abu Dhabi Islamic Bank was the top gainer amongst its peers, gaining 2.1 percent.

Abu Dhabi National Energy added 3.9 percent. Shares in the energy company, with majority owned by the government, have gained more than 4 percent since Abu Dhabi’s government announced on June 29 the merger of it two sovereign wealth funds Mubadala Development and International Petroleum Investment Co. (IPIC).

Dubai’s index added 0.6 percent, with Dubai Parks and Resorts up 1.6 percent. Shares in the Six Flags amusement park builder are now up 48 percent year-to-date.

Qatar’s Barwa Real Estate kicks of the Gulf’s second quarter result season and shares in the developer gained 2.0 percent after it reported a near-trebling of second-quarter net profit on Monday, according to Reuters calculations. Barwa made a net profit of 550 million riyals ($151.1 million) compared with a profit of 193 million riyals in the prior-year period.

Source: Reuters