DUBAI Jan 3 Stock markets in the Gulf diverged
on Tuesday morning with bourses most exposed to international
funds outperforming as global equities firmed.
MSCI's broadest index of Asia-Pacific shares outside Japan
rose 0.6 percent as most of that region's
markets reopened after New Year holidays.
Qatar's main index was up 0.2 percent as the largest
listed stock, Qatar National Bank, added 0.7 percent.
Some investors tend to rotate into Qatari stocks in the early
part of each year to capture high annual dividend yields.
Dubai's index added 0.5 percent with most trade
focused on small and mid-sized shares. Builder Drake & Scull
, the most heavily traded stock, jumped 6.0 percent.
Emaar Properties, a favourite of foreign funds,
was up 1.1 percent.
In neighbouring Abu Dhabi the index edged down 0.1
percent, hit by a 1.1 percent decline in the largest listed
stock, telecommunications operator Etisalat.
Saudi Arabia's equities index, with relatively
little exposure to foreign money, was down 0.1 percent after 50
minutes of trade.
Banking and telecommunications shares were the main drag
with Samba Financial Group dropping 1.3 percent and
Saudi Telecom falling 1.4 percent.
(Reporting by Celine Aswad; Editing by Andrew Torchia and John