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DUBAI / Reuters
A recovery in oil prices and global equities helped lift stock markets in the Gulf slightly in early trade on Thursday after a weak performance in the region earlier this week.
Dubai’s main index was up 0.4 percent as large and mid-cap stocks outperformed, with Emaar Properties climbing 1.2 percent.
In Abu Dhabi the index was dragged 0.4 percent lower by telecommunications firm Etisalat, which dropped 1.8 percent as it went ex-dividend.
But in Qatar, the main index was up 0.3 percent with about three-fifths of traded stocks advancing. Petrochemical and metals producer Industries Qatar rose 2.5 percent after its second-quarter net profit beat analysts’ estimates; profit fell 13.6 percent to 1.27 billion riyals ($348.8 million) but exceeded the average forecast of 799.9 million riyals.
Riyadh’s index rose 0.5 percent as petrochemical shares rebounded; Saudi Basic Industries was up 1.6 percent after 15 minutes of trade.
Retailer Jarir Marketing pulled back 1.0 percent as it went ex-dividend. The board had recommended an interim dividend payout of 1.25 riyals per share, a dividend yield of 4.8 percent at the current share price of 102.50 riyals.