Banks support Qatar, most markets edge up

August 25, 2014 - 11:17:21 am

DUBAI: Conventional and Islamic lenders lifted Qatar's bourse in early trade on Monday while stock markets in the United Arab Emirates rose slightly on the back of mid- and small-cap stocks, and Egyptian property developers continued their uptrend.

Qatar's benchmark rose 0.6 percent, led by Islamic lender Masraf Al Rayan and Qatar National Bank, up 1.1 percent each.

Qatar Islamic Bank added 1.6 percent and Qatar International Islamic Bank was up 2.7 percent.

Dubai's index added 0.2 percent in the first hour of trading as developers Deyaar and Union Properties rose 1.6 and 0.9 percent respectively. But the emirate's largest listed developer, Emaar Properties, pulled back 0.5 percent.

Abu Dhabi's bourse gained 0.3 percent on the back of smaller banks and industrial companies such as United Arab Bank, which surged 8.5 percent, and tile maker Ras Al Khaimah Ceramics which jumped 3.1 percent.

Egypt opened nearly flat, but property firms continued an uptrend fuelled by strong second-quarter results and broker recommendations. Developer Talaat Moustafa  rose 1.7 percent, Misr Gedda Housing was up 1.4 percent and Palm Hills Developments Co added 0.7 percent. (Reuters)