Qatar rises with oil prices

Drake & Scull bounces

DUBAI, July 4, (RTRS): United Arab Emirates (UAE) and Qatar stock markets closed higher on Wednesday as oil prices rose on uncertainty over the supply outlook.

Falling US crude inventories and looming US sanctions against Iran are a risk to supply in an already tight market despite OPEC pledges to raise output.

Property and financial shares led the Dubai index higher with developers Emaar Properties and DAMAC Properties rising 1.8 percent and 1.9 percent respectively. Dubai Islamic Bank gained 0.8 percent and Emirates NBD ended up 1 percent.

Contractor Drake & Scull International (DSI) bounced 3.3 percent after a 9.9 percent drop on Tuesday.

DSI, one of the weakest stocks in the Dubai index, fell after the outcome of an investigation into “violations” by previous management.

The Dubai index closed 0.8 percent higher.

Abu Dhabi National Energy Co jumped 4.6 percent and Dana Gas was up 1 percent on the back of higher oil prices. Financial shares also rose, with First Abu Dhabi Bank up 0.4 percent and Abu Dhabi Commercial Bank up 0.7 percent.

The Abu Dhabi index closed 0.5 percent higher.

In Qatar, telecom shares Vodafone Qatar and Ooredoo rose 2.1 percent and 1.7 percent respectively. Petrochemicals, metals, and fertiliser producer Industries Qatar was up 1.2 percent. The Qatar index ending the day 0.5 percent higher.

Savola Group, Saudi Arabia’s largest food products company, lost 2.2 percent, and regional dairy company Almarai closed 1.5 percent lower.

The Saudi index ended 0.1 percent higher at 8,247 points.

Saudi Arabia

The index rose 0.1 percent to 8,247 points.

Dubai

The index rose 0.8 percent to 2,861 points.

Abu Dhabi

The index rose by 0.5 percent to 4,594 points.

Qatar

The index rose 0.5 percent to 9,231 points.

Kuwait

The index rose 2.6 percent to 5,132 points.

Bahrain

The index rose 0.9 percent to 1,322 points.

Oman

The index fell 0.3 percent to 4,523 points.

Egypt

The index fell 0.7 percent at 16,310 points.