Gulf bourses mixed in early trade

Gulf stock markets diverged in early trade on Wednesday, with Qatar’s edging lower and Dubai’s gaining slightly. Qatar’s index slipped 0.3 per cent after closing higher in four of the last five sessions. After the close on Wednesday, FTSE is expected to release a list of Qatari stocks to be included in its emerging market […]

Gulf stock markets diverged in early trade on Wednesday, with Qatar’s edging lower and Dubai’s gaining slightly.

Qatar’s index slipped 0.3 per cent after closing higher in four of the last five sessions.

After the close on Wednesday, FTSE is expected to release a list of Qatari stocks to be included in its emerging market index from mid-September.

Shares in companies which have been rising in anticipation of inclusion were the main laggards in early trade. Telecoms provider Ooredoo lost 1.1 per cent and petrochemical producer Industries Qatar fell 1.3 per cent.

Dubai’s index added 0.5 per cent, with gainers outnumbering losers 16 to nine. Small and mid-sized companies were the top performers, with healthcare service provider Amanat Holdings rising 2.3 per cent.

But GFH Financial was down 0.7 per cent, erasing some of the 4.3 per cent jump in the previous session.

Petrochemical shares weighed on Saudi Arabia’s index , which had slipped 0.2 per cent after 35 minutes of trade after Brent oil futures fell back below $48.50 a barrel. Saudi Basic Industries lost 0.3 per cent.

Construction firm Abdullah Al Khodari bucked the trend and added 3.4 per cent in heavy trade. On Sunday the company said it had obtained a financing deal from a bank and a 69-million Saudi riyal contract from Saudi Arabia’s Ministry of Environment, Water & Agriculture for maintenance of water networks.

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Source: Business

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