Gulf stocks mixed; Qatar rebounds as blue chips rise

Stock markets in the Gulf were mixed on Thursday with Qatar rising sharply as most blue chip stocks climbed, while Dubai declined as Emaar Properties slipped.

Dubai’s main index closed 0.2 percent lower at 3,400 points. Emaar was down 0.3 percent at AED 7.58. The stock had surged after the company announced its plans to list its UAE real estate development business.

“We expect Emaar shareholders to receive dividend amounting to AED 0.92/share as a result of the above development, assuming full proceeds are paid out,” Oman-based U-Capital said in a note.

In Abu Dhabi, the general index gained 0.5 percent to reach 4,476 points. The emirate’s biggest listed lender, First Abu Dhabi Bank, was up 1.9 percent at AED 10.7.

Dana Gas jumped nearly 4 percent to AED 0.53, in active trade. The energy firm said it had received $40 million from the Egyptian government towards its outstanding receivables.

Meanwhile, Qatar’s QE index rose 3 percent to close at 9,238 points, recovering from a three-session fall that came after Saudi Arabia, the UAE and a few other countries cut diplomatic and trade relations with Qatar.

Qatar National Bank was up 1.7 percent at QAR 135.7, Industries Qatar rose 1 percent to QAR 99, and United Development Co. jumped 6.2 percent to QAR 17.85.

Elsewhere, Saudi Arabia’s Tadawul All Share Index was trading lower 0.9 percent. 

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com