x Abu Dhabi, UAEFriday 28 July 2017

Qatar leads Mideast gains on banks and industrials

Qatar's market climbed in its first day of trading after a national holiday as UAE exchanges dipped.

Qatar's market was one of the best performing in the Mena region on its first day of trading this week after a national holiday. The QE Index rose 2.6 per cent to 7,681.82 points as shares in banking and industrial stocks edged higher.

Qatar National Bank gained 1.65 per cent to 129.1 Qatari riyals and Industries Qatar increased 2.56 per cent to 120 Qatari riyals.

Telecoms giant Etisalat was a rare gainer and added 0.9 per cent to Dh10.9 in Abu Dhabi, after it was reported as saying it would invest $1.91 billion on expanding its fibre optic network over the next three years.

In Dubai, Emirates NBD also climbed nearly 7 per cent in Dubai to Dh3.23 as it said it signed an agreement with Acordias, a service platform for financial intermediaries, to facilitate the distribution of managed funds.

But the Dubai Financial Market retreated 1 per cent to 1,375.13 points and the Abu Dhabi Securities Exchange lost 0.4 per cent to 2,548.71 points.

Local markets rallied on Sunday as they tracked a rebound in Saudi Arabia's Tadawul and snapped losses that wiped more than $140 billion off stock markets in the last 5 weeks, according to the Arab Monetary Fund.

But buying was short-term and based on a market bounce rather than a full recovery, traders said.

"The solution for the market rests with the government," said Ameed Kanaan, the general manager of Al Jazira Financial Services. "They haven't intervened at all and rather than just watching from afar, it's important they put some money into the market."

Other markets elsewhere moved higher as Bahrain's BB All Share Index crept up 0.1 per cent to 1,397.07 points and Tunisia's stock market staged a rally after it reopened this morning following two suspensions in the last two months. It rose 3.7 per cent to 4,209.66 points.

Oman's measure lost 1.8 per cent to 6,287.83 points.

Crude on the New York Mercantile Exchange topped $106.58 a barrel, its highest price in two and half years as violence in Libya continued.