Gulf stock markets edge up as oil gains

February 8, 2016 12:29 pm


Stock markets in the United Arab Emirates and Qatar rose in early trade on Monday after oil prices turned slightly higher, but trading volumes were low.

Dubai’s index rose 1.0 percent. Emaar Malls jumped 3.2 percent after the blue-chip retailer reported a 5.5 percent rise in fourth-quarter net profit to 435 million dirhams ($118 million).

Emaar Properties, the majority shareholder in Emaar Malls, climbed 1.3 percent, heading for its third day of gains.

Air Arabia was up 1.6 percent. The United Arab Emirates’ only publicly listed airline reported its third consecutive quarterly profit drop on Sunday; it made a net profit of 59 million dirhams, below SICO Bahrain’s estimate of 79.3 million dirhams.

DP World climbed 1.0 percent. One of the world’s biggest port operators, it said 2015 annual gross container volumes rose 2.4 percent on a like-for-like basis. The company also appointed a new chief executive who will assume the role of group chairman.

In Abu Dhabi, the index edged up 0.3 percent in lethargic trade. Etisalat, the largest stock by market value, rose 0.6 percent.

Commercial Bank International added 3.7 percent. The board of directors will meet on Thursday to discuss a possible capital increase, the lender said in a statement on Sunday.

Doha’s index was up 0.4 percent in thin trade. Industries Qatar, which fell 2.8 percent in the previous session after reporting disappointing quarterly earnings, rose 0.4 percent.

Gulf International Services, the offshore drilling rig provider, added 1.2 percent.

Reuters – Reporting by Celine Aswad; Editing by Andrew Torchia

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By Mujeeb Rahman