Qatar index down for tenth day running

Reuters

Qatar’s stock index fell for a tenth straight session on Sunday as talk of dispute negotiations fails to sway investors, while strong oil prices boosted the Saudi Arabia market.
Qatar’s index fell 0.4 percent to 8,375 points, but closed 62 points above the session low. The index has lost 6.3 percent over 10 sessions.
Doha Bank dropped 2.6 percent. Last week sources told Reuters the bank had cut about 10 jobs in the United Arab Emirates and planned to put some staff on unpaid leave because of the hit to its business from the diplomatic dispute. The bank said the information was incorrect but declined to elaborate.
Foreign investors remained net sellers of Qatari stocks by a
ratio of almost three to two, bourse data showed.
In Abu Dhabi, Dana Gas plunged by 6 percent and accounted for more than 70 percent of total market volume, dragging down the index by 0.8 percent.
Dana rose after its Islamic bond holders proposed a deal to end a dispute over its refusal to redeem $700 million of maturing sukuk. But Dana rejected the proposal and a London High Court hearing on the dispute is due to start this week.
The Dubai index fell 0.7 percent in thin trade. Union Properties, the most heavily traded stock, lost 1.1 percent.
In Saudi Arabia, the index rose 0.4 percent as all but three of the 14 listed petrochemical shares rose after Brent oil closed near a five-month peak above $55 a barrel. Saudi Kayan Petrochemical added 2 percent.
Banking shares were also generally strong, with Bank Aljazira climbing 3.9 percent after ratings agency Fitch affirmed the lender’s BBB+ credit rating with a stable outlook.
Newly listed Zahrat Al Waha, which makes plastic bottle caps and other products, rose as much as 9.6 percent from its initial public offer price of 51.0 riyals on its first day of trade but closed 3.5 percent lower.
Egypt’s index closed flat, with Juhayna Food Industries down 1.4 percent after declaring a cash dividend of 0.15 Egyptian pounds for the latest period.