DUBAI - Qatar's stock market rose sharply in early trade on Monday because of hopes that Doha can resolve its diplomatic dispute with four other Arab countries, while the rest of the region was mixed.
Qatar's foreign minister said late on Sunday that Qatari Emir Sheikh Tamim bin Hamad al-Thani was expected to attend the annual summit of Gulf Arab heads of state in Kuwait on Tuesday and Wednesday.
There was no immediate comment from other Gulf nations on the Qatari announcement, and events at the summit are difficult to predict. Nevertheless, some investors hope Sheikh Tamim's attendance could be a step towards renewed dialogue with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt.
Qatar's stock index
Real estate firm Ezdan Holding, which has been hit hard by a downturn in the Qatari property market that was worsened by the diplomatic crisis, soared its 10 percent daily limit.
Qatar Insurance, which has operations in the UAE, surged 5.2 percent. Banks, which have suffered from outflows of Gulf deposits due to the crisis, were also strong with Qatar International Islamic Bank up 4.0 percent.
United Arab Emirates markets, reopening after a long weekend, also climbed. Dubai added 0.5 percent as blue chip Emaar Properties, which has been pulled down in recent months by the slump in Dubai's real estate market, rebounded 3.1 percent and was the biggest gainer.
Saudi Arabia, which had risen for eight straight days and broke above its 200-day average on Sunday, edged down 0.1 percent as some short-term investors took profits.
But cement stocks were strong for a second straight day, partly because of hopes for an end to the conflict in Yemen, where former president Ali Abdullah Saleh signalled on Saturday that he was abandoning his support of the Iran-aligned Houthis - a shift that could pave the way to end three years of war.
Reconstruction in Yemen could fuel regional demand for cement. Najran Cement
(Reporting by Andrew Torchia; Editing by Alison Williams) ((aziz.elyaakoubi@thomsonreuters.com; +971552994086))
Qatar's foreign minister said late on Sunday that Qatari Emir Sheikh Tamim bin Hamad al-Thani was expected to attend the annual summit of Gulf Arab heads of state in Kuwait on Tuesday and Wednesday.
There was no immediate comment from other Gulf nations on the Qatari announcement, and events at the summit are difficult to predict. Nevertheless, some investors hope Sheikh Tamim's attendance could be a step towards renewed dialogue with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt.
Qatar's stock index
Real estate firm Ezdan Holding, which has been hit hard by a downturn in the Qatari property market that was worsened by the diplomatic crisis, soared its 10 percent daily limit.
Qatar Insurance, which has operations in the UAE, surged 5.2 percent. Banks, which have suffered from outflows of Gulf deposits due to the crisis, were also strong with Qatar International Islamic Bank up 4.0 percent.
United Arab Emirates markets, reopening after a long weekend, also climbed. Dubai added 0.5 percent as blue chip Emaar Properties, which has been pulled down in recent months by the slump in Dubai's real estate market, rebounded 3.1 percent and was the biggest gainer.
Saudi Arabia, which had risen for eight straight days and broke above its 200-day average on Sunday, edged down 0.1 percent as some short-term investors took profits.
But cement stocks were strong for a second straight day, partly because of hopes for an end to the conflict in Yemen, where former president Ali Abdullah Saleh signalled on Saturday that he was abandoning his support of the Iran-aligned Houthis - a shift that could pave the way to end three years of war.
Reconstruction in Yemen could fuel regional demand for cement. Najran Cement
(Reporting by Andrew Torchia; Editing by Alison Williams) ((aziz.elyaakoubi@thomsonreuters.com; +971552994086))
