Qatar stocks bounce back

Dubai

Qatar’s stock market rebounded yesterday after dropping at the end of last week on MSCI index adjustments and news of arrests and criminal probes at world soccer body FIFA. Other markets in the Middle East were mostly negative.

Qatar’s stock index, which had lost 4.1 per cent in response to the FIFA news last week, climbed 1.2pc yesterday. Petrochemicals giant Industries Qatar jumped 2.3pc, also supported by oil’s 5pc surge on Friday.

But Ezdan Holding fell 0.9pc, having tumbled its daily 10pc limit on Thursday. Stocks in Dubai also fell and its main index lost 1.9pc, hitting a six-week low of 3,923 points.

Saudi Arabia’s main index edged down 0.7pc as most stocks declined and trading volume was low compared with activity in the last few weeks.Central Bank data showed on Thursday that growth in bank lending to the private sector in Saudi Arabia slowed to an annual 9.5pc in April, the lowest rate since September 2011. Egypt’s index fell 1.5pc yesterday as most stocks traded lower, continuing a decline which began last week as Egypt’s weighting in MSCI’s emerging markets index was reduced with Telecom Egypt’s exclusion from the benchmark.

Abu Dhabi edged up 0.3pc to 4,528 points, Qatar rose 1.2pc to 12,048 points, while Kuwait edged down 0.4pc to 6,292 points.  Oman index inched down 0.04pc to 6,388 points and Bahrain slipped 0.2pc to  1,364 points.