DUBAI, Feb 13 (Reuters) - A rebound in global equity markets may lift stock markets in the Gulf on Tuesday, with strong fourth-quarter earnings by Industries Qatar buoying the bourse in that country.
Wall Street’s three main indexes surged well over 1 percent on Monday, and MSCI’s broadest index of Asia-Pacific shares outside Japan is up 1.2 percent on Tuesday morning. Brent oil has not recovered much, however, standing at $62.95 per barrel.
Industries Qatar reported annual net profit of 3.32 billion riyals ($912 million), up from 2.96 billion riyals in 2016, and lifted its proposed annual cash dividend back to 5 riyals per share from 4 riyals. Reuters calculations suggested fourth-quarter profit jumped to 960 million riyals from 230 million riyals.
In Egypt, Eastern Co may gain after MSCI said it had decided to add the stock to its MSCI Egypt global standard index, replacing EFG Hermes, which moves to the small cap index, replacing El Sewedy Electric.
In the United Arab Emirates, Orascom Construction was removed from the MSCI small cap index, while Saudi Investment Bank was removed from the MSCI Saudi Arabia index. The changes will take place at the end of this month. (Reporting by Andrew Torchia)