Middle East

MIDEAST STOCKS Saudi and Qatar rise, other Gulf indexes muted

2 minute read

An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014./File Photo

  • Petrochemicals and banking strong in Saudi
  • Qatar extends gains on petrochem stocks
  • UAE announces ministerial changes

Sept 26 (Reuters) - The Saudi and Qatari indexes finished higher on Sunday, buoyed by petrochemical and financial stocks, while other major Gulf indexes declined.

Saudi Arabia's benchmark index (.TASI) closed up 0.7%, ending four consecutive sessions of losses, with Saudi Basic Industries Corporation (2010.SE) rising 2.5% and Market Heavyweight Al Rajhi Bank (1120.SE) advancing 0.7%.

The Qatari index (.QSI) added 0.7%, extending gains for a third consecutive day, helped by a 2.1% rise in petrochemical firm Industries Qatar (IQCD.QA) and a 2.3% leap in Mesaieed Petrochemical (MPHC.QA).

The Abu Dhabi index (.ADI) retreated 0.3%, after three sessions of gains, as market heavyweight First Abu Dhabi Bank (FAB.AD) lost 0.8% and Emirates Telecommunications Group (ETISALAT.AD) dropped 1.2%.

Dubai's index (.DFMGI) was also down 0.3%, with developer Emaar Properties (EMAR.DU) and its shopping centre unit Emaar Malls (EMAA.DU) shedding 1.2% and 1.6% respectively. After the market close, Emaar Malls said its chairman and board member Mohamed Al Hussaini has resigned from the company.

In March, Emaar Properties announced a plan to buy out minority shareholders of Emaar Malls and delist the business by year-end. ,

Separately, United Arab Emirates Prime Minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum announced ministerial changes on Saturday, including new finance and environment ministers. read more

Sheikh Mohammed announced the reshuffle as part of a new government strategy aimed at expediting change through "transformational projects" in the Emirates.

Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 0.1% higher, with cigarette maker Eastern Company (EAST.CA) climbing 3.1%.

Reporting by Shamsuddin Mohd in Bengaluru; Editing by Pravin Char

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