MIDEAST STOCKS-Qatar gains as most major Gulf markets ease

  • Reuters
  • Stock Market News
MIDEAST STOCKS-Qatar gains as most major Gulf markets ease
Credit: © Reuters.

April 27 (Reuters) - Qatar's stock market rose in early trade on Tuesday, bolstered by gains in market heavyweight Industries Qatar IQCD.QA , while other major Gulf bourses were subdued.

In Qatar, the benchmark .QSI gained 0.5%, bolstered by a 3% leap in Industries Qatar, on track to extend gains from the previous session when the petrochemical maker reported a higher net profit for the quarter ended March 31. Arabia's benchmark index .TASI eased 0.2%, with Saudi Telecom Company 7010.SE losing 0.9% and Saudi Arabian Mining Company 1211.SE declining 1.7%.

Elsewhere, Saudi Arabia's national shipping firm, Bahri 4030.SE slid 2.5% after its board approved a new dividend policy which aims to pay one riyal per share semiannually for the next three years starting from 2020. OPEC+ joint technical committee (JTC) has kept its forecast for growth in global oil demand this year, but is concerned about surging COVID-19 cases in India and elsewhere, Reuters reported, citing three sources from the producer group. movement in oil prices is a key catalyst for the Gulf region's financial markets.

In Dubai, the main share index .DFMGI fell 0.4%, hit by a 0.8% drop in top lender Emirates NBD ENBD.DU and 0.7% decrease in sharia-compliant lender Dubai Islamic Bank DISB.DU .

Among others, Islamic Arab Insurance SALAMA.DU declined over 8%, to become the top loser on the index, as the insurer went ex-dividend.

The Abu Dhabi index .ADI lost 0.5%, with First Abu Dhabi Bank FAB.AD , the country's largest lender, dropping 0.7%, while telecoms firm Etisalat ETISALAT.AD retreated 0.9%.

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