Qatar's stock market resumed a rally from near six-year lows on Thursday while most bourses in the Gulf were little changed, lacking fresh stimulus. The Qatari index added 1.2 percent as Vodafone Qatar, the most heavily traded stock, rose 2.6 percent. Qatar Islamic Bank gained 3.1 percent in active trade.
The index fell sharply in the months to mid-December after four other Arab states imposed an economic boycott on Doha. But signs that the damage is less than some investors had feared, and a supportive 2018 state budget plan announced last week, are now helping the market recover.
Qatari central bank data released on Thursday showed an outflow of foreign deposits from Qatari banks, one result of the boycott, slowing further in November as the four states ran out of remaining money to withdraw.
Saudi Arabia's index was almost flat. It had risen in anticipation of this week's expansionary state budget for 2018 but has stalled since then, with the good news in the budget largely priced in. But PetroRabigh jumped 6.6 percent in its heaviest trade since May after Energy Minister Khalid al-Falih said the expanded section of its petrochemical complex would start operations in the first quarter of 2018.
Dubai's index edged down 0.1 percent with the most active stock, Union Properties, gaining 1.4 percent. Bahrain's Khaleeji Commercial Bank, which listed in Dubai on Tuesday, continued rising sharply, jumping 15 percent in very thin trade to 1.47 dirhams. Its shares in Bahrain rose 8.6 percent to 0.127 dinar, equivalent to 1.24 dirhams.
Comments
Comments are closed for this article.