QSE gives up gains; most markets fall
28 Feb 2017 - 22:37
Dubai: Most stock markets in the Gulf fell yesterday with Qatar's index hit particularly hard, but Saudi Arabia ended almost flat as petrochemical shares rebounded.
Qatar's stock index dropped 2.2 percent; all banking shares fell with Qatar National Bank retreating 2.9 percent.
One of the reasons is that by the end of March, all inflows of passive funds related to the second part of Qatar's upgrade to FTSE Secondary Emerging Market status are due to have been completed. Also dividend payouts are due to be completed in the coming weeks, leaving managers with less impetus to buy shares afterwards.
Abu Dhabi's index dropped 1.7 percent as the largest share, telecommunications operator Etisalat, slumped 4.1 percent. Dubai's index gave up small gains made early in the day and fell 0.1 percent . Saudi Arabia's index, however, closed nearly flat at6,972 points, bouncing from a session low of 6,913 points. The Reuters poll found funds at their most bullish towards Saudi equities since February 2015.
Petrochemicals, which traded lower for most of the session, recovered with Advanced Petrochemical adding 1.5 percent. But banks remained weak with Saudi British Bank falling 1.9 percent.