Mideast stocks – Banks support Qatar recovery, Oman up sharply

by

(Reuters) – Qatar’s bourse gained sharply and recovered some of its losses from the last two sessions, while the Oman index registered its best day in nearly two months as telecom and bank stocks gained. Other Gulf markets were mixed.

Qatar’s main index <.QSI> booked a 1.1 percent rise and snapped two sessions of losses, buoyed by a 3.1 percent rise in Qatar National Bank <QNBK.QA> and a 4.5 percent rise in Qatar Fuel Co <QFLS.QA>.

The main Saudi index <.TASI> moved lower by 0.6 percent, dragged down by industry heavyweights Al Rajhi Banking & Investment <1120.SE> and Saudi Basic Industries Corp <2010.SE>, which both fell nearly 1 percent.

Saudi Cable Co <2110.SE> slid 5.7 percent after third-quarter sales plummeted 43.1 percent, while Arabian Pipes <2200.SE> dropped 2.6 percent after posting a loss for the same period.

Saudi Fisheries <6050.SE> outperformed the market, surging 10 percent.

“We are not seeing liquidity move into the local markets yet despite the good (earnings),” Marie Salem, director of 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.

The Oman blue-chip bourse <.MSI> rose 1 percent, marking its biggest one-day gain since September 12, supported by a 5 percent jump in Oman Telecommunications Co <OTEL.OM>.

Abu Dhabi’s index <.ADI> edged 0.3 percent higher, recovering from early losses, as Abu Dhabi Commercial Bank <ADCB.AD> gained 1.2 percent and heavyweight Emirates Telecommunications <ETEL.AD> edged higher by 0.4 percent.

Abu Dhabi National Energy <TAQA.AD> reversed course to fall 0.9 percent despite recovering from a year earlier loss to post a third-quarter profit as higher oil prices boosted its revenue.

The Egyptian blue-chip index <.EGX30> rose 0.9 percent, boosted by a 2 percent gain in Commercial International Bank <COMI.CA> after it a reported a 53 percent jump in its net interest income for the third-quarter.

The Dubai index <.DFMGI> edged down 0.1 percent, weighed on by a 2.2 percent fall in the region’s biggest lender Emirates NBD <ENBD.DU>.

Emirates NBD has applied to Turkey’s competition authority to take over Turkish lender Denizbank <DENIZ.IS>, a posting on the competition authority’s website showed on Thursday.

Outperforming the index, Damac Properties <DAMAC.DU> climbed 3.9 percent higher.

You may also like

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: