Mideast stock markets were higher rose on Wednesday while Qatar’s stocks rose, aided by its blue-chip bank shares, while the Dubai index recouped some losses as all its property firms gained.
The Qatar index added 1.0 per cent as market heavyweight Industries Qatar rose 1.3 per cent and Qatar National Bank, the largest bank by assets in the Middle East and Africa, increased 1.0 per cent.
Qatar International Islamic Bank rose 0.9 per cent. On Monday, the lender’s shareholders approved an increase in its foreign ownership limit to 49 per cent from 25 per cent.
Gulf International Services climbed 6.5 per cent. The firm has gained in the last three sessions after QNB Financial Services raised its rating to ‘accumulate’.
Dubai’s index rose 0.4 per cent with Emaar Properties and its largest lender Emirates NBD gaining 0.4 per cent each, reports Reuters.
DXB Entertainment rose 1.2 per cent ahead of its board meeting to discuss the strategic review of its expansion plans and Shuaa Capital added 1.1 per cent after saying it was in talks with Abu Dhabi Financial Group for a potential merger.
Saudi Arabia’s index inched up 0.1, led by a 2.6 per cent gain in travel operator Al Tayyar Group and 0.4 per cent rise in Saudi Telecom.
Both companies own a stake in Middle East’s ride-hailing app Careem, which was bought by Uber Technologies on Monday.
Al Tayyar said it was expecting to make a gross profit of 1.78 billion riyals ($475 million) from the transaction, while Saudi Telecom expects to receive around $274 million.
However, the Abu Dhabi index slipped 0.1 per cent with the country’s largest lender First Abu Dhabi Bank losing 0.5 per cent and Methaq Takaful Insurance declining 5.6 per cent.
