A recovery in oil prices and global equities helped lift stock markets in the Arabian 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 per cent as large and mid-cap stocks outperformed, with Emaar Properties climbing 1.2 per cent.
In Abu Dhabi the index was dragged 0.4 per cent lower by telecommunications firm Etisalat, which dropped 1.8 per cent as it went ex-dividend.
But in Qatar, the main index was up 0.3 per cent with about three-fifths of traded stocks advancing. Petrochemical and metals producer Industries Qatar rose 2.5 per cent after its second-quarter net profit beat analysts’ estimates; profit fell 13.6 per cent to 1.27 billion Qatari riyals but exceeded the average forecast of 799.9 million riyals.
The Tadawul index rose 0.5 per cent as petrochemical shares rebounded; Saudi Basic Industries was up 1.6 per cent after 15 minutes of trade.
Retailer Jarir Marketing pulled back 1 per cent as it went ex-dividend. The board had recommended an interim dividend payout of 1.25 Saudi riyals per share, a dividend yield of 4.8 per cent at the current share price of 102.50 riyals.
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