Stocks

Gulf stocks edge up in early trade

Reuters Dubai | Updated on January 24, 2018 Published on March 24, 2015

Most Gulf stock markets edged up in early trade on Tuesday and Oman’s bourse was among the top gainers after Sultan Qaboos returned home “in complete health’’ on Monday from an eight-month medical stay in Germany.

Qaboos, 74, has been the absolute ruler of the Arabian peninsula state since 1970, but his absence in Germany since July had led to growing concern about his health.

The Muscat index climbed 0.6 per cent as most traded stocks rose. Bank Muscat was the main support, jumping 2.7 per cent to 0.528 rial. NBK Capital this week updated the stock’s fair value estimate to 0.770 rial following a bonus share issue, with a “buy’’ recommendation.

Elsewhere in the Gulf, Dubai climbed 0.7 per cent as builder Arabtec rose 1.2 per cent after winning a $283 million contract from Saudi Aramco to build 380 villas in Saudi Arabia.

National Bank of Abu Dhabi, up 1.3 per cent, supported that emirate’s market, which climbed 0.4 per cent. Aldar Properties, which will register shareholders for a dividend payment on Thursday, jumped 3.8 per cent.

Qatar's index edged up 0.3 per cent on the back of lenders Qatar National Bank and Qatar Islamic Bank, up 2.1 and 1.1 per cent, respectively. Kuwait edged down 0.3 per cent.

Published on March 24, 2015
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