x Abu Dhabi, UAE Friday 21 July 2017

Qatari banking bears the brunt of bad day's trading

Market Wrap: Qatar banking shares decline the most after weak banking data for January was published by the central bank. Local and regional bourses continue to be affected by headwinds from civil unrest in Libya. Oil continues to creep higher. - with video.

Qatari banks declined at the close as central bank statistics for January showed weak loan growth. The country's measure was the worst performing index in the Gulf region.

Loans decreased 0.6 per cent month-on-month, as private sector loans decreased by 2 per cent during the same period. Deposits gained 9 per cent month-on-month while provisioning also increased by 0.3 per cent during the same period.

Commercial Bank of Qatar declined 9.9 per cent to 75.50 rials a share. Masraf al Rayan Bank, lost 3.1 per cent to 21.98. Qatar National Bank lost 3.8 per cent to 123.50 a share.

The country's measure, the QE Index, lost 3.5 per cent to 8187.44, the worst performing index in the Gulf region.

In the UAE, local indices continued to face headwinds from civil unrest in Libya.

The Abu Dhabi Securities Exchange General Index declined by 1.5 per cent to 2579.25. Asmak, or International Fish Farming Co, lost 6.2 per cent to Dh9.05. Dana Gas declined by 3.1 per cent to 62 fils.

Dubai's main measure, the Dubai Financial Market General Index lost 2.4 per cent to 1479.41. Arabtec Holding declined by 5.8 per cent to Dh1.44. Dubai Financial Company, the middle east's only listed exchange, lost 6.8 per cent to Dh1.23. Aramex declined by 7.3 per cent to Dh1.51.

Oil prices continue to gain higher grounds. Crude futures for March on the New York Mercantile Exchange rose as much as 9.6 per cent to $94.49 a barrel, while Brent gained 2.7 per cent on the ICE Futures exchange to $108.57.

Elsewhere in the region, Kuwait's bourse declined 0.1 per cent to 6417.70. Bahrain's index added 0.1 per cent to 1467.92. Oman's measure declined 1.4 per cent to 6729.83. The Saudi Tadawul All-Share Index lost 0.9 per cent to 6240.