PHOTO
* Oil price rebound supports Gulf markets
* But activity limited by Ramadan, summer holidays
* Saudi activity focuses on second-tier stocks
* Bank of Sharjah surges in Abu Dhabi
* IMF loan deal for Egypt by no means certain
By Andrew Torchia
DUBAI, June 28 (Reuters) - Gulf stocks were mixed in quiet trade on Tuesday as global markets regained some strength after the shock of the British vote to leave the European Union. Signs of progress toward an International Monetary Fund loan failed to lift Egypt much.
With oil prices off their lows, Gulf investors feel Brexit may have little impact on their economies, although weakness in the pound and euro could affect Dubai's real estate and tourism sectors. Brent oil
LCOc1
was up 2.7 percent to $48.41 a barrel as Gulf markets traded on Tuesday.
But Ramadan and summer holidays are limiting activity and deterring Gulf investors from taking large positions given the risk of more global market instability. Saudi Arabia's market will be closed throughout next week for Eid al-Fitr.
The Saudi index
.TASI
closed 0.2 percent higher, largely because of second- or third-tier stocks favoured by local retail investors such as Tihama Advertising
4070.SE
, up 9.5 percent.
Dubai's index
.DFMGI
edged down 0.1 percent in thin trade with activity also focusing on smaller stocks such as HITS Telecom
HITS.DU
, the most actively traded share. It was up 1.5 percent.
In Abu Dhabi, a 1.5 percent decline by Aldar Properties
ALDR.AD
and a 1.3 percent pull-back by First Gulf Bank
FGB.AD
helped to pull the index
.ADI
down 0.6 percent. But Bank of Sharjah
BOS.AD
jumped 7.1 percent in unusually heavy trade.
Qatar
.QSI
rose 0.5 percent as Qatar National Bank
QNBK.QA
, the Gulf's largest listed lender, climbed 0.7 percent.
Egypt's central bank said late on Monday that it could secure some $10 billion from the IMF by agreeing on a structural economic reform programme, but it had yet to make any formal request to do so.
The central bank statement came in response to comments by a cabinet minister, who told Reuters on Monday that Egypt had started negotiations with the IMF last week for a $5 billion loan. The minister said the central bank was leading the talks.
A serious effort by Egypt to reach an IMF deal would be seen by foreign investors as a major step towards reforming the economy and stabilising the country's external position.
Nevertheless, a deal is by no means certain -- such talks have faltered in the past -- and the Egyptian stock index rose only 0.4 percent in moderate volume. Global Telecom
GTHE.CA
added 1.0 percent and investment bank EFG Hermes
HRHO.CA
gained 2.5 percent.
TUESDAY'S HIGHLIGHTS
SAUDI ARABIA
* The index
.TASI
rose 0.2 percent to 6,480 points.
DUBAI
* The index
.DFMGI
edged down 0.1 percent to 3,284 points.
ABU DHABI
* The index
.ADI
fell 0.6 percent to 4,407 points.
QATAR
* The index
.QSI
rose 0.5 percent to 9,868 points.
EGYPT
* The index
.EGX30
climbed 0.4 percent to 6,932 points.
KUWAIT
* The index
.KWSE
gained 0.2 percent to 5,375 points.
OMAN
* The index
.MSI
edged down 0.04 percent to 5,761 points.
BAHRAIN
* The index
.BAX
edged up 0.1 percent to 1,114 points.
((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
* But activity limited by Ramadan, summer holidays
* Saudi activity focuses on second-tier stocks
* Bank of Sharjah surges in Abu Dhabi
* IMF loan deal for Egypt by no means certain
By Andrew Torchia
DUBAI, June 28 (Reuters) - Gulf stocks were mixed in quiet trade on Tuesday as global markets regained some strength after the shock of the British vote to leave the European Union. Signs of progress toward an International Monetary Fund loan failed to lift Egypt much.
With oil prices off their lows, Gulf investors feel Brexit may have little impact on their economies, although weakness in the pound and euro could affect Dubai's real estate and tourism sectors. Brent oil
But Ramadan and summer holidays are limiting activity and deterring Gulf investors from taking large positions given the risk of more global market instability. Saudi Arabia's market will be closed throughout next week for Eid al-Fitr.
The Saudi index
Dubai's index
In Abu Dhabi, a 1.5 percent decline by Aldar Properties
Qatar
Egypt's central bank said late on Monday that it could secure some $10 billion from the IMF by agreeing on a structural economic reform programme, but it had yet to make any formal request to do so.
The central bank statement came in response to comments by a cabinet minister, who told Reuters on Monday that Egypt had started negotiations with the IMF last week for a $5 billion loan. The minister said the central bank was leading the talks.
A serious effort by Egypt to reach an IMF deal would be seen by foreign investors as a major step towards reforming the economy and stabilising the country's external position.
Nevertheless, a deal is by no means certain -- such talks have faltered in the past -- and the Egyptian stock index rose only 0.4 percent in moderate volume. Global Telecom
TUESDAY'S HIGHLIGHTS
SAUDI ARABIA
* The index
DUBAI
* The index
ABU DHABI
* The index
QATAR
* The index
EGYPT
* The index
KUWAIT
* The index
OMAN
* The index
BAHRAIN
* The index
((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))