Stock News: Banks Support Qatar, Most Markets Edge Up

Qatar’s benchmark rose 0.6 per cent, led by Islamic lender Masraf Al Rayan and Qatar National Bank



Conventional and Islamic lenders lifted Qatar’s bourse in early trade on Monday while stock markets in the United Arab Emirates rose slightly on the back of mid- and small-cap stocks, and Egyptian property developers continued their uptrend.

Qatar’s benchmark rose 0.6 per cent, led by Islamic lender Masraf Al Rayan and Qatar National Bank, up 1.1 per cent each.

Qatar Islamic Bank added 1.6 per cent and Qatar International Islamic Bank was up 2.7 per cent.

Dubai’s index added 0.2 per cent in the first hour of trading as developers Deyaar and Union Properties rose 1.6 and 0.9 per cent respectively. But the emirate’s largest listed developer, Emaar Properties, pulled back 0.5 per cent.

Abu Dhabi’s bourse gained 0.3 per cent on the back of smaller banks and industrial companies such as United Arab Bank, which surged 8.5 per cent, and tile maker Ras Al Khaimah Ceramics which jumped 3.1 per cent.

Egypt opened nearly flat, but property firms continued an uptrend fuelled by strong second-quarter results and broker recommendations. Developer Talaat Moustafa rose 1.7 per cent, Misr Gedda Housing was up 1.4 per cent and Palm Hills Developments Co added 0.7 per cent.