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MIDEAST STOCKS-Dubai outperforms in mostly quiet market; Bank Doha extends slide
March 8, 2017 / 8:08 AM / 6 months ago

MIDEAST STOCKS-Dubai outperforms in mostly quiet market; Bank Doha extends slide

DUBAI, March 8 (Reuters) - Dubai’s stock market was the top performer and Qatar’s Bank Doha extended falls in an otherwise mostly quiet Gulf region early on Wednesday.

The Dubai index added 0.7 percent with builder Arabtec rebounding 4.2 percent after closing 2.9 percent lower on Tuesday. Emaar Properties added 0.1 percent.

The index has closed lower in six of the last seven sessions.

Abu Dhabi’s index was up 0.3 percent. Union National Bank was the top gainer there, jumping 4.1 percent.

Saudi Arabia’s index, which has been trading in a narrow range over the last week, was flat. The largest dairy maker in the region, Almarai, added 1.4 percent.

Qatar’s index, which fell below major technical support at around 10,500 points in the previous session, was up 0.3 percent at 10,447 points.

Doha Bank was down 5.0 percent at 33.35 riyals; it had dropped its 10 percent daily limit on Tuesday after it went ex-dividend and shareholders approved a 20 percent capital increase through the issue of new shares at 25 riyals each.

Qatari Investors Group jumped 8.5 percent and was the top gainer.

Kuwait’s index fell 0.5 percent, heading for its third straight session of losses. Warba Bank lost 1.9 percent. (Reporting by Celine Aswad; Editing by Andrew Torchia and John Stonestreet)

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