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Reuters
Qatar’s stock market jumped by its biggest margin in nearly five months on Monday because of hopes that Doha’s diplomatic dispute will be resolved.
Most other Gulf markets were firm. Qatar’s stock index, which has been trading near six-year lows, surged 2.2 percent as trading volume doubled. Real estate firm Ezdan Holding, which has been hit hard by a downturn in the Qatari property market that was worsened, soared its 10 percent daily limit.
Qatar Insurance, which has operations in the UAE, gained 4.7 percent. Banks were strong with Qatar International Islamic Bank up 4.0 percent. Another big gainer was drillingrig provider Gulf International Services, up 9.7 percent.
United Arab Emirates markets, reopening after a long weekend due to public holidays, also climbed. Dubai added 0.3 percent as blue chip Emaar Properties rebounded 2.8 percent. Abu Dhabi climbed 1.0 percent as the most heavily traded stock,
Aldar Properties, climbed 1.4 percent.
Investment company Al Qudra Holding listed on the Abu Dhabi exchange’s second market and was the second most heavily traded stock, closing at 1.23 dirhams compared to its par value of 1.00 dirham.
Saudi Arabia’s index rose for a ninth straight day to 7,103 points in active trade, confirming a break above its 200-day average, now at 7,015 points.
Cement firms were among the strongest Saudi stocks on Monday; reconstruction in Yemen could fuel regional demand for cement. Najran Cement climbed 9.9 percent in its heaviest trade since 2012, while Southern Province Cement added
7.0 percent.
Egypt’s index dropped 1.0 percent after more than a week of strong gains. Real estate developer Palm Hills retreated
2.4 percent.