MIDEAST STOCKS-Qatar jumps in the hope that the diplomatic dispute will be resolved – tech2.org

MIDEAST STOCKS-Qatar jumps in the hope that the diplomatic dispute will be resolved



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* The emir of Qatar will attend the annual Gulf Summit in Kuwait

* The stock index rises 2.2 percent from its lows of almost six years

* The destroyed real estate company Ezdan jumps 10 percent

* ninth day in a row

* Emaar Properties bounces back in Dubai

By Andrew Torchia

DUBAI, Dec 4 (Reuters) – The Qatar stock market jumped by its highest margin in almost five months on Monday because of hopes that the diplomatic dispute in Doha with four other Arab countries will be resolved. Most of the other Gulf markets were firm.

The Foreign Minister of Qatar said on Sunday night that the emir of Qatar, Sheikh Tamim bin Hamad al-Thani, was expected to attend the annual summit of heads of state of the Persian Gulf in Kuwait on Tuesday and on Wednesday.

There were no immediate comments from other Gulf nations about the announcement of Qatar, and the events at the summit are difficult to predict. However, investors expect Sheikh Tamim's badistance to be a step towards a renewed dialogue with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt.

Qatar's stock index, which has been trading near six-year lows, rose 2.2 percent, as trading volume more than doubled from Sunday's level. The index remains 20 percent below its level just before the Arab states imposed sanctions on Qatar in June.

The real estate firm Ezdan Holding, which has been hit hard by a recession in the Qatar real estate market that was aggravated by the diplomatic crisis, raised its daily limit of 10 percent.

Qatar Insurance, which has operations in the United Arab Emirates, gained 4.7 percent. The banks, which suffered losses from Gulf deposits due to the crisis, were also strong, with Qatar International Islamic Bank up 4.0 percent.

Another big winner was rig provider Gulf International Services, with an increase of 9.7 percent.

The markets of the United Arab Emirates, reopening after a long weekend due to public holidays, also rose. Dubai added 0.3 percent, as the Blue Chip Emaar Properties, which has plummeted in recent months due to the fall in the Dubai property market, recovered 2.8 percent.

Abu Dhabi climbed 1.0 percent as the most traded share, Aldar Properties, climbed 1.4 percent.

The investment company Al Qudra Holding is listed on the second market of the Abu Dhabi stock exchange and was the second most traded stock, closing at 1.23 dirhams compared to its nominal value of 1.00 Dirham.

The Saudi Arabia index increased for the ninth consecutive day to 7,103 points in active trading, confirming a break above its 200-day average, now at 7,015 points.

The market has been driven by signs that the mbadive crackdown on corruption in Saudi Arabia is shrinking without causing further damage to the economy; It seems that major new arrests have been halted and the number of frozen bank accounts has decreased, commercial bankers say.

The market would welcome any resolution of Saudi Arabia's dispute with Qatar, which has alarmed many investors, and also hopes to end the war in Yemen after former President Ali Abdullah Saleh signaled Saturday that he was abandoning his support for the Houthis aligned with Iran.

Cement firms were among Saudi Arabia's strongest stocks on Monday; the reconstruction in Yemen could feed the regional demand for cement. Najran Cement rose 9.9 percent in its most intense trade since 2012, while Southern Province Cement added 7.0 percent.

The Egyptian index fell 1.0 percent after more than a week of strong gains. Real estate developer Palm Hills fell 2.4 percent.

HIGHLIGHTS

SAUDI ARABIA

* The index gained 0.2 percent to 7,103 points.

DUBAI

* The index increased 0.3 percent to 3,432 points.

ABU DHABI

* The index added 1.0 percent to 4,327 points.

QATAR

* The index rose 2.2 percent to 7,930 points.

EGYPT

* The index fell 1.0 percent to 14,572 points.

KUWAIT

* The index rose 0.1 percent to 6,222 points.

BAHRAIN

* The index fell 0.5 percent to 1,274 points. (Larry King edition)

Our standards: The Thomson Reuters Trust Principles.
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