Mideast Stocks: Qatar gains as most major Gulf markets ease

In Qatar, the benchmark gained 0.5%, bolstered by a 3% leap in Industries Qatar


Qatar's stock market rose in early trade on Tuesday, bolstered by gains in market heavyweight Industries Qatar, while other major Gulf bourses were subdued.

In Qatar, the benchmark gained 0.5%, bolstered by a 3% leap in Industries Qatar, on track to extend gains from the previous session when the petrochemical maker reported a higher net profit for the quarter ended March 31.  

Saudi Arabia's benchmark index eased 0.2%, with Saudi Telecom Company losing 0.9% and Saudi Arabian Mining Company declining 1.7%.

Elsewhere, Saudi Arabia's national shipping firm, Bahri slid 2.5% after its board approved a new dividend policy which aims to pay one riyal per share semiannually for the next three years starting from 2020. 

The OPEC+ joint technical committee (JTC) has kept its forecast for growth in global oil demand this year, but is concerned about surging COVID-19 cases in India and elsewhere, Reuters reported, citing three sources from the producer group. 

The movement in oil prices is a key catalyst for the Gulf region's financial markets.

In Dubai, the main share index fell 0.4%, hit by a 0.8% drop in top lender Emirates NBD and 0.7% decrease in sharia-compliant lender Dubai Islamic Bank.

Among others, Islamic Arab Insurance declined over 8%, to become the top loser on the index, as the insurer went ex-dividend.

The Abu Dhabi index lost 0.5%, with First Abu Dhabi Bank, the country's largest lender, dropping 0.7%, while telecoms firm Etisalat retreated 0.9%.

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

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