DUBAI May 30 Most stock markets in the Gulf
were slightly higher in early trade on Tuesday with the main
focus on stocks favoured by local day-traders, while Qatar's
bourse fell ahead of changes by index compiler FTSE.
Dubai's index rose 0.6 percent as loss-making theme
park operator DXB Entertainments climbed 2.3 percent,
pulling further away from a two-year low hit on Sunday.
Investors were still reacting positively to news that its
chief executive Raed Kajoor al-Nuaimi had been appointed CEO of
a new entity that will manage development projects for Dubai
Holding and Meraas Holding. The company has not yet named a new
Most other Dubai stocks also gained, with Dubai Mall
operator Emaar Malls up 0.8 percent.
In Abu Dhabi, the index was up 0.7 percent as 12
shares rose and only one declined. Most of the top gainers were
mid-sized stocks; National Bank of Ras Al Khaima
jumped 9.3 percent,
Qatar's index lost 0.5 percent with 14 shares
declining and only one rising. FTSE will announce the results of
its June review on Wednesday, with changes to its indexes
effective after the close on June 16, investment bank VTB
Capital said in a report.
VTB calculated that based on preliminary index weighting
changes revealed last week, Qatari Investors Group (QIG)
would see $6 million of fund outflows due to the
changes and Ooredoo would see a $22 million outflow.
QIG shares dropped 2.3 percent and Ooredoo slipped 0.9 percent.
The Saudi index was up 0.5 percent after 45 minutes
with real estate-related shares again attracting attention. Al
Jazira Mawten REIT was the top gainer, jumping 3.5
percent, and Al Andalus Property rose 1.6 percent.
Banque Saudi Fransi was up 1.5 percent after its
investment arm, Fransi Capital, said its Taleem real estate
investment fund, which will be the market's fourth such fund,
was heavily oversubscribed.
(Reporting by Celine Aswad; Editing by Andrew Torchia)