DFM and ADX slip in early trade as investors book gains

Stock markets in Qatar and Saudi Arabia edged up in early trade on Monday as firm oil and global stock markets encouraged investors to buy, but the two main indexes in the UAE slipped as investors booked profits on recent gains.

Qatar’s equities index rose 0.4 per cent as the largest listed stock, Qatar National Bank, climbed 1.9 per cent. Other banks also advanced including Islamic lender Masraf Al Rayan which was up 0.5 per cent.

But Dubai’s index slipped 0.1 per cent as some of Sunday’s top gainers pulled back. Arabtec was down 0.7 per cent and Dubai Parks and Resorts off 0.6 per cent in the morning.

Abu Dhabi’s index pulled back 0.2 per cent in thin volume as usually heavily traded shares were largely inactive. Dana Gas fell 1.8 per cent.

Petrochemical shares helped carry Saudi Arabia’s index up 0.1 per cent after 10 minutes of trade. Saudi Kayan Petrochemical and Saudi International Petrochemical were the sector’s top gainers, both up 0.8 per cent.

But the banking sector, the largest sector by market value, lagged as Saudi Hollandi Bank fell 1 per cent.

Kuwait’s Agility climbed 1 per cent after the logistics company reported an 11 per cent rise in second-quarter net profit to 15 million Kuwaiti dinars.


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