Stock News: UAE, Qatar Rise On Positive Backdrop, MSCI Adjustments

Qatar’s index rose 0.3 per cent while Abu Dhabi’s benchmark edged up 0.1 per cent.



Stock markets in the United Arab Emirates and Qatar edged up in early trade on Monday as oil prices held above $80 per barrel and global markets remained bullish on hopes for stimulus in China and Europe.

Qatar’s index rose 0.3 per cent with most stocks in the black. Drilling rig provider Gulf International Services was the main support, adding 1.7 per cent.

The stock will become part of MSCI’s emerging markets index on Tuesday, a move certain to bring in fresh fund inflows.

Abu Dhabi’s benchmark edged up 0.1 per cent as Abu Dhabi Commercial Bank jumped 2.7 per cent.

Dubai’s index also inched up 0.1 per cent as developer Deyaar and contractor Drake and Scull jumped 2.9 and 3.8 per cent respectively. Both names will join MSCI’s small-cap index on Tuesday.