DUBAI: Qatar’s stock market rebounded in early trade on Tuesday from a sharp fall the previous day, while other Gulf bourses were mixed in narrow ranges.
The Qatari index tumbled 2.5 percent on Monday because of heavy selling in the final half-hour, ending a seven-day rising streak. Sentiment was hit after the United Arab Emirates said Qatari fighter jets twice intercepted Emirati civilian aircraft during routine flights to Bahrain, which Qatar denied.
It is not clear the incidents will escalate further, however, and some investors bought back on Tuesday ahead of Qatari corporate earnings and dividend announcements in coming weeks.
The Qatari index, which has been in a strong uptrend for the last several weeks, surged 1.3 percent as Masraf Al Rayan jumped 2.8 percent and drilling rig provider Gulf International Services added 2.2 percent.
Saudi Arabia’s index edged up 0.3 percent in the first 50 minutes of trade as Saudi Company for Hardware gained 2.3 percent after announcing a strategic plan for 2019 and 2020 that involves adding seven stores, bringing its total to 40.
Media company Saudi Resources and Marketing, which some investors speculate could benefit from changes in Saudi Arabia’s corporate landscape due to the country’s crackdown on corruption, surged 5.0 percent after a 10 percent leap on Monday.
Dubai’s index fell 0.2 percent in directionless trade while Abu Dhabi lost 0.5 percent.
In Oman, Al Izz Islamic Bank jumped 4.5 percent after saying its net loss for last year narrowed while net operating income gained 38 percent. Galfar Engineering added 2.8 percent after saying its annual net loss narrowed 45 percent.
Source: Brecorder.com
