Stock News: Markets In UAE, Qatar Edge Up

Bourses in the United Arab Emirates and Qatar rose in early trade on Sunday on the back of a supportive global background and positive domestic news flow.

U.S. stocks were up on Friday after strong results from Microsoft and Procter & Gamble. Brent oil prices slipped but were little changed on the week.

Dubai’s index rose 1.8 per cent to 4,653 points as most stocks gained. Shares in cooling company Tabreed jumped 4.8 per cent after it reported a 28 per cent rise in third-quarter net profit on Thursday.

The Dubai index rose above an important technical barrier at 4,593 points, its 200-day average. A close above that mark would be bullish.

Abu Dhabi’s benchmark edged up 0.3 per cent on the back of telecommunications firm Etisalat and developer Aldar Properties, up 0.9 and 2.8 per cent respectively.

Aldar said on Sunday that it had fully leased out the 1,300 units available at its The Gate and Arc Towers development in Abu Dhabi after putting them on the market for just under a year.

Qatar’s bourse added 0.7 per cent in a broad rally. Shares in Qatar Gas Transport Co (Nakilat), one of the world’s largest shippers of liquefied natural gas, rose 2.3 per cent after it posted a 25 per cent rise in nine-month profit.

The firm’s third-quarter profit was QAR248 million, according to Reuters calculations, above the estimate of QNB Financial Services, which had forecast QAR213.5 million.