Mideast Stocks: Most major Gulf stocks rise in early trade; Qatar slips

Saudi Arabia's benchmark index edged up 0.1%

  
Investors and speculators monitor stock prices on a screen at the FALCOM investment bank in Riyadh June 7, 2015.

Investors and speculators monitor stock prices on a screen at the FALCOM investment bank in Riyadh June 7, 2015.

REUTERS/Faisal AlNasser

Most major stocks markets in the Gulf rose in early trade on Monday, largely on the back of their financials, while Qatar's index was hurt by first-half losses posted by Qatar Insurance Company.

Saudi Arabia's benchmark index edged up 0.1%, helped by a 0.7% rise in Dr Sulaiman Al-Habib Medical Services, while National Commercial Bank was up 0.4%, despite recording a lower second-quarter profit.

But Banque Saudi Fransi declined 1% as the lender reported a fall in second-quarter net-profit.

The Qatari index lost 0.2%, driven down by a 4.3% slide in Qatar Insurance.

The insurer posted a net loss of 207.8 million riyals ($57.08 million) in the first-half, compared to a profit of 409.9 million riyals year ago. 

Dubai's main share index rose 0.4%, with the country's largest sharia-compliant lender Dubai Islamic Bank gaining 1.1% and Emirates NBD Bank was up 0.8%.

In Abu Dhabi, the index added 0.2%, helped by a 0.7% gain in the United Arab Emirates' largest lender First Abu Dhabi Bank.

Dana Gas, however, retreated 1.4%. On Sunday, the energy firm said it had appointed a financial adviser in relation to its dollar-denominated Islamic bonds, which the company has already restructured twice.

($1 = 3.6405 Qatar riyals)

(Reporting by Ateeq Shariff in Bengaluru, Editing by William Maclean) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

More From Equities