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MIDEAST STOCKS-Gulf consolidates, Ezdan leaps in Qatar
June 4, 2017 / 7:48 AM / 5 months ago

MIDEAST STOCKS-Gulf consolidates, Ezdan leaps in Qatar

DUBAI, June 4 (Reuters) - Gulf stock markets generally consolidated in quiet trade on Sunday although major property firm Ezdan Holding rebounded in Qatar. Ezdan had tumbled as much as 29 percent since late last month, when shareholders approved the delisting of the company. However, it has begun recovering in the past two trading days and was up 9.5 percent on Sunday at 12.53 riyals in heavy trade.

The board has said it will prepare a statement of the company’s fair value per share, to be presented to shareholders at a subsequent meeting, and some traders may be speculating on a buyout price above current levels.

Ezdan shares have been removed from Qatar’s stock index , however, which was down 0.4 percent on Sunday. Petrochemical producer Industries Qatar fell 1 percent.

Saudi Arabia’s index edged down 0.1 percent in the first half hour of trade with much activity focusing on smaller stocks. Al Baha Investment jumped 10 percent as the stock resumed trading after a four-year suspension because its accumulated losses exceeded regulatory standards. The suspension was lifted after Al Baha took action to reduce those losses.

Dubai’s index was flat although some of the beaten-down stocks of the last few months continued recovering gradually; amusement park operator DXB Entertainments rose 1.2 percent.

Abu Dhabi’s index climbed 0.2 percent. (Reporting by Andrew Torchia; Editing by Susan Fenton)

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