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Markets

Qatar extends gains as global rally lifts most of Gulf

Most Middle Eastern stock markets closed higher on Tuesday, reflecting market optimism that US-China trade tensions
Published August 20, 2019

Most Middle Eastern stock markets closed higher on Tuesday, reflecting market optimism that US-China trade tensions could ease and stimulus measures by major economies to counter a possible global economic slowdown.

The United States said it would extend a reprieve that permits China's Huawei Technologies to buy components from US companies, signalling a slight softening of the trade conflict between the world's two largest economies.

China's new lending reference rate was set slightly lower on Tuesday, while Germany's right-left coalition government has said it would be prepared to ditch its balanced budget rule and take on new debt to counter a possible recession.

Qatar's index rose 0.9% for the third straight day with the Gulf's largest lender, Qatar National Bank increasing 2% and Industries Qatar adding 1.7%.

Qatar's index, down 3.6% in the year-to-date, has steadied since the central bank on Thursday said Qatari economic growth would accelerate over the next two years amid expectations of stable oil prices and continued strong exports.

In Abu Dhabi, the index increased 0.8% after two days of losses. First Abu Dhabi Bank gained 0.7% while Emirates Telecommunication Group was up 1.2%.

But Abu Dhabi's only listed pharmaceutical firm, Gulf Pharmaceutical Industries (Julphar), plunged 9.8% after recalling a single batch of its Laxocodyl suppository over a labelling error.

In Saudi Arabia, the index extended gains from the previous session to close 0.3% higher in a boost mainly from financial stocks. Samba Financial Group rose 2.8% while Riyad Bank added 1.9%.

Arabian Centres jumped as much as 4.3% before closing 0.3% up. The mall operator reported a 180.4% increase in its first-quarter profit to 227 million riyals ($60.53 million), citing lower impairment loss and finance cost.

Saudi Telecom added a further 0.7% to its gain on Monday after saying it was working to terminate a broadcasting agreement with General Sport Authority and the Saudi Arabian Football Federation, citing a lack of commercial feasibility for the agreement.

Egypt's blue-chip index also rose 0.8% as most companies traded higher. Alexandria Mineral Oils surged 8.7%, while Orascom Development gained 2.7% after posting a higher second-quarter profit.

But Emaar Misr dropped 1.2% after an Egyptian businessman filed a lawsuit against the developer claiming part of the land at the Marassi project.

Back in the Gulf, Dubai's index, closed roughly flat as losses in the telecom sector outweighed the gains of real estate stocks. Emirates Integrated Telecommunications dropped 1.6%.

Copyright Reuters, 2019

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