Gulf markets diverge in early trade

Dhaka,  Monday,   2016-09-19
Published : 19 Sep 2016, 15:15:11

Gulf markets diverge in early trade

Gulf markets diverge in early trade
Stock markets in the Gulf diverged in early trade on Monday, with Qatar's index pulling back ahead of the inclusion of some companies in FTSE's secondary emerging market index.

Dubai advanced as global risk sentiment improved.

Qatar's index retreated 1.8 per cent, wiping out Sunday's 0.4 per cent gain. Nine-tenth of the shared that were trading declined.

Shares in companies set to be included in index compiler FTSE's secondary emerging market index on Sept. 20 were the top losers.

Mobile phone operator Ooredoo dropped 3.8 per cent and Qatar National Bank slid 1.9 per cent.

Saudi Arabia's index slipped 0.1 per cent after an hour of trade, with 74 shares declining and 49 gaining. Saudi Telecom Co (STC) lost 1.8 per cent.

But petrochemical shares outperformed as Brent futures bounced back over $46 a barrel.

Saudi Basic Industries, the largest producer, added 0.6 per cent.

Meanwhile Dubai's index rose 0.4 per cent, with gainers outnumbering losers 16-to-3.

Dubai's largest listed developer Emaar Properties added 0.9 per cent, while the amusement park builder Dubai Parks and Resorts rose 1.2 per cent ahead of the opening of its theme parks next month.

Global stocks drew support from expectations that the US Federal Reserve would skip a chance to raise rates this week.

Blue chips supported Abu Dhabi's index up 0.6 percent with Aldar Properties adding 1.1 per cent and Dana Gas jumping 3.5 per cent, according to a news agency report.

-SRS-
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