Quiet day as indexes show little change

Qatar’s stock market resumed a rally from near six-year lows yesterday while most bourses in the Gulf were little changed, lacking fresh stimulus.

The Qatari index added 1.2 per cent as Vodafone Qatar, the most heavily traded stock, rose 2.6 per cent. Qatar Islamic Bank gained 3.1 per cent in active trade.

The index fell sharply in the months to mid-December after four other Arab states imposed an economic boycott on Doha. But signs that the damage is less than some investors had feared, and a supportive 2018 state budget plan announced last week, are now helping the market recover.

Qatari central bank data released yesterday showed an outflow of foreign deposits from Qatari banks, one result of the boycott, slowing further in November as the four states ran out of remaining money to withdraw.

Saudi Arabia’s index was almost flat. It had risen in anticipation of this week’s expansionary state budget for 2018 but has stalled since then, with the good news in the budget largely priced in.

But PetroRabigh jumped 6.6 per cent in its heaviest trade since May after Energy Minister Khalid Al Falih said the expanded section of its petrochemical complex would start operations in the first quarter of 2018.

Dubai’s index edged down 0.1 per cent with the most active stock, Union Properties, gaining 1.4 per cent.

Bahrain’s Khaleeji Commercial Bank, which listed in Dubai on Tuesday, continued rising sharply, jumping 15 per cent in very thin trade to Dh1.47. Its shares in Bahrain rose 8.6 per cent to 0.127 dinar, equivalent to Dh1.24.

Amanat Holding shares fell 0.7 per cent to Dh1.35, after the company announced it had increased its shareholding in education provider Taleem. Shares in real-estate firm AWTD, part-owned by GGICO, listed on Dubai’s secondary market yesterday, ending the day untraded.

The Abu Dhabi Securities Exchange General Index finished 0.2 per cent lower at 4,349.15, as Etisalat and Bank of Sharjah fell. RAK Cement and Agthia Group led gainers, rising 6.6 per cent and 2.1 per cent respectively.

Bahraini equities led gains for the day across the Arabian Gulf, closing up 1.2 per cent, thanks to gains by banking stocks.