Shares in Qatar took a breather on Wednesday, even as regional and international investors continued to cut exposures to the country.
UAE stocks were quiet, while Saudi stocks rose in the run up to the index curator MSCI’s classification review meeting next week.
The Qatar Exchange rose 1 per cent to 9,189.98. Barwa Real Estate and Ooredoo were the main gainers, rising 3.1 per cent and 2.5 per cent, respectively. GCC and foreign institutions remained net sellers for the day, to the tune of 15 million Qatari riyals (Dh15.1m) and 30.7m riyals, respectively.
The Abu Dhabi Securities Exchange General Index was little changed, closing down 0.04 per cent at 4,535.57, with more than half of the index’s stocks untraded for the day.
Dana Gas shares fell 1.5 per cent to 68 fils, after the energy firm said it had obtained an injunction in a Sharjah Court related to its US$700m sukuk, preventing creditors from enforcing claims for payment. Its shares were cut to “sell” by the Tunisia-based brokers AlphaMena.
Shares in Dubai rose by 0.3 per cent to 3,450.78. DXB Entertainments led gains, rising 5.5 per cent after announcing a management overhaul.
In Saudi Arabia, the Tadawul closed up 0.5 per cent, thanks to gains by NCB and Saudi Electricity. EFG Hermes upgraded Saudi stocks to “overweight”, on the expectation that MSCI will put the country on a watch list for inclusion in its Emerging Market Index on June 20.
“Market reaction to a June 20 announcement may be volatile, as it would come at the end of an already slow Ramadan, giving the market a much-needed positive catalyst for the start of 2H16,” EFG said in a research note.
jeverington@thenational.ae
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