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, while 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 September 20 were the top losers, with mobile phone operator Ooredoo dropping 3.8 per cent and Qatar National Bank shedding 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 lost 1.8 per cent.
But petrochemical shares outperformed as Brent futures bounced back over US$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 per cent with Aldar Properties adding 1.1 per cent and Dana Gas jumping 3.5 per cent.
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