Most Gulf markets gain; Qatar stocks pull back from new peak

Air Arabia was one of the most actively traded stocks yesterday, jumping 8.9%.

Reuters/Dubai

Most stock markets in the Gulf rose yesterday, but the Qatar Stock Exchange retreated from a new historical high and Abu Dhabi edged down, continuing a pattern of sideways moves.

The Doha bourse initially edged up after opening and crossed the psychologically important 13,000 point mark to reach 13,016 points but failed to hold above it.

The index closed 0.4% lower at 12,934 points and trading volume more than halved compared with Monday.

Industries Qatar and Qatar Islamic Bank were the main drags as their shares fell 1.0% and 1.9%, respectively.

Abu Dhabi’s index fell 0.8% to 5,053 points. The benchmark has traded within a narrow range of 5,035 to 5,109 points for the last six sessions on relatively stable volumes.

Yesterday’s slide was largely due to stocks that had been gaining in the previous few sessions. Shares in First Gulf Bank edged down 1.2%, Aldar Properties slid 2.9%.

Dubai’s bourse continued its leg up, adding 0.8% as trading volumes continued to rise.

In a rare occurrence for the bourse, which is usually dominated by property and financial sector stocks, Sharjah-based budget carrier Air Arabia was one of the most actively traded stocks yesterday, jumping 8.9% to become the main support for the index.

Air Arabia, which yesterday began flying from the Ras Al Khaimah emirate, is one of just a handful Dubai stocks that are in the red this year. Yesterday’s surge cut its year-to-day loss to 5.2% from 12.9%.

Bahrain’s index rose 0.3%. Ahli United Bank was the main support, adding 3.8% after reporting on Monday that its first-quarter profit rose 41%, adjusted for a one-off gain in early 2013.

In Kuwait, investment firm Gulf Investment House fell 1.3% after the country’s financial regulator gave it until Sunday to hold its annual general meeting (AGM) and approve 2013 results or face a suspension of its shares.

Kuwait’s index, however, edged up 0.3%.

Elsewhere in the Gulf, Saudi Arabia’s index added 0.03% to 9,744 points; while Oman’s measure edged up 0.04% to 6,762 points.

In Egypt, the index rose 0.8% to 8,371 points.