Mideast Stocks: Qatar bourse gains as major Gulf markets ease

Sa Sa International Holdings

07/07/2021 14:11

By Ateeq Shariff
    July 7 (Reuters) - Most major stock markets in the Gulf
ended lower on Wednesday, extending losses from the previous
session, after Saudi Arabia amended import rules from the Gulf
in a challenge to the United Arab Emirates, although Qatar
bucked the trend.
    Saudi Arabia's benchmark index  .TASI  fell 0.1%, hit by a
0.9% fall in Al Rajhi Bank  1120.SE  and a 0.7% drop in top
lender Saudi National Bank  1180.SE .
    The kingdom has amended its rules on imports from other Gulf
Cooperation Council countries to exclude goods made in free
zones or using Israeli input from preferential tariff
concessions, in a bid to challenge the United Arab Emirates'
status as the region's trade and business hub.  urn:newsml:reuters.com:*:nL2N2OH0PM
    The UAE and Saudi Arabia clashed this month over how OPEC+
producers unwind oil output cuts. Discussions were abandoned
after a third day of talks on Monday failed to resolve
differences.  urn:newsml:reuters.com:*:nL2N2OH0HA
    The Qatari benchmark  .QSI , however, gained 0.8%, ending
two days of losses, with petrochemical firm Industries Qatar
 IQCD.QA  rising 1.6%.
    Dubai's main share index  .DFMGI  reversed early losses to
finish flat, as declines in property shares were offset by gains
in banking stocks.
    Emaar Properties  EMAR.DU , Dubai's largest listed
developer, retreated 2.2%, while its unit Emaar Malls  EMAA.DU 
dropped 2%.
    Emaar Properties expects to buy out minority shareholders of
Emaar Malls and delist the business by year-end.  urn:newsml:reuters.com:*:nL2N2OI0G5
    In Abu Dhabi, the index  .ADI  eased 0.2%, with the
country's largest lender First Abu Dhabi Bank  FAB.AD  and
telecoms firm Etisalat  ETISALAT.AD  losing 0.5% each.
    But International Holding (IHC)  IHC.AD  ended 0.2% higher,
gaining for an eighth consecutive session.
    The winning streak started with the listing of its unit
Alpha Dhabi  ALPHADHABI.AD  last week, sparking a share price
rise that made IHC Abu Dhabi's most valuable listed company.
 urn:newsml:reuters.com:*:nL2N2O903X
    Outside the Gulf, Egypt's blue-chip index  .EGX30  rebounded
1.2%, as most of the stocks on the index were in positive
territory including Commercial International Bank  COMI.CA .
    
 SAUDI ARABIA   .TASI  eased 0.1% to 10,959
 ABU DHABI      .ADI  fell 0.2% to 6,970
 DUBAI          .DFMGI  was flat at 2,782
 QATAR          .QSI  gained 0.8% to 10,866
 EGYPT          .EGX30  rose 1.2% to 10,277
 BAHRAIN        .BAX  added 0.3% to 1,578
 OMAN           .MSI  lost 0.3% to 4,110
 KUWAIT         .BKP  added 0.4% to 6,935
 
 (Reporting by Ateeq Shariff in Bengaluru)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))