Middle East markets: Global stocks lift Gulf; Qatar falls to 10-week low

Most Gulf markets rose on Wednesday as gains in global stocks boosted sentiment but Qatar fell to a 10-week low on growing concerns the country will not be ungraded by index compiler MSCI.
Heavyweight stocks dragged Egypt's index down 0.3 percent, but talk of a possible takeover bid for private equity company Citadel Capital lifted sentiment.
Abu Dhabi's index rose 1 percent to a three-week high and Dubai's index rose 0.9 percent, its fourth gain in five sessions.
Property and construction stocks dominated trading, with Emaar Properties climbing 1.6 percent and Arabtec gaining 0.7 percent.
World stocks hovered at three-week highs and the euro neared a one-month peak on Wednesday as investors hoped for progress in an aid package for Greece that would ease fears of a default by Athens.
"We're positive across the region because globally stocks did well yesterday - with the exception of Qatar on MSCI uncertainty," said Shahid Hameed, Global Investment House head of asset management for the Gulf region.
Investors are increasingly doubting Qatar will be included in MCSI's emerging market index after the Doha exchange said on Monday it would not be lifting the foreign ownership limit from 25 percent this year.
Doha's benchmark slipped 0.6 percent, tumbling to its lowest close since March 24.
Losers outnumbered gainers 15 to four. Volumes in Vodafone Qatar hit a month-high as the stock fell 1.3 percent after Nomura cut its share-price target for the telco.
In Egypt, Commercial International Bank dipped 2 percent, EFG Hermes dell 1.4 percent and Orascom Telecom sHEd 0.9 percent.
"Heavyweights are pulling back a bit and they're weighing on the overall market," said Hashem Ghoneim, vice chairman of Pyramids Capital. "They've had a good run, so it's normal they slow down."
Citadel Capital closed up 0.3 percent despite posting a net loss of $241.7 million in 2010 due to writedowns, having gained as much as 8 percent earlier in the day, following market talk that a Dubai-based firm may be eyeing Citadel.
Oman's Bank Muscat, the sultanate's top lender by value, extended gains since Bank of America Merrill Lynch upgraded its rating for the stock to 'buy'.
Its shares rose 4.6 percent to 0.754 rials - its largest gain since April 3.
Loan growth at Bank Muscat will likely gain momentum this year, driven by a pick-up in corporate credit activity, the US bank wrote in a note, raising its price target to 0.960 rials from 0.920 rial.
Oman's index rose for a third day since Sunday's 22-month low, climbing 1.1 percent.
Bluechip Renaissance Services jumped 4 percent, trimming its 2011 losses to 21 percent.