July 8, 2018 / 8:08 AM / a year ago

MIDEAST STOCKS-Gulf stocks up, Qatari banks rise ahead of financial results

DUBAI, July 8 (Reuters) - Gulf stock markets opened in positive territory on Sunday, mirroring gains in global stocks last week as the threat of tariffs by the United States and China on billions of dollars of trade became a reality.

The Saudi index was slightly up, gaining 0.3 percent, with shares in retailer Fawaz Abdulaziz Alhokair Co rebounding 4 percent from last week’s heavy losses after it reported a drop in annual profit and announced it would close up to 75 stores.

Insurance companies continued to be among the best performers in the Saudi exchange, still benefiting from expectations of a surge in business after women started driving in the kingdom last month.

Amana Cooperative Insurance Co and Saudi Enaya Cooperative Insurance Co were up 3 percent and 3.2 percent respectively in the first 30 minutes of trading.

In Dubai, where the index was up 0.2 percent, Union Properties and Deyaar Development were posting the strongest gains, rising 2 percent and 2.4 percent respectively.

Dubai’s contractor Drake & Scull International (DSI) , one of the worst-performing stocks on the Dubai index, lost 0.2 percent in early trade.

The company has been lagging because of concerns about its financial position, business outlook and the outcome of an investigation into “violations” by previous management. Last week it announced it tapped its CFO for a new “chief restructuring officer” role.

The Abu Dhabi index was up 0.4 percent, with Dana Gas up 2 percent after announcing earlier on Sunday that it received $44 million in total dividends from Kurdistan operations in the first half of 2018. In June, the company received $7 million, it said.

In Qatar, stocks in financial institutions were posting significant gains ahead of second quarter financial results disclosures, expected to start later this week. Qatar Islamic Bank and heavyweight Qatar National Bank were both up 2.6 percent. (Reporting by Davide Barbuscia; Editing by Elaine Hardcastle)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below