DUBAI, June 12 Qatar's stock market stabilised
in early trade on Monday from sharp falls last week after
comments from the finance minister that the economy was
essentially operating as normal despite a major diplomatic
Doha's index was almost flat after 45 minutes of
trade; it had lost 8.7 percent as of Sunday's close since four
Arab states cut links a week ago.
Among Qatari banks, which could face funding difficulties as
foreign banks scale back ties, Qatar National Bank
fell 0.7 percent but other institutions rebounded. Doha Bank
was up 1.5 percent.
Qatari Finance Minister Ali Sherif al-Emadi sounded
confident when he told CNBC television that the economy was
essentially operating as normal and Doha could easily defend its
currency. Many investors still hope for a diplomatic solution in
Dubai's Drake & Scull rose 1.7 percent. It has been
climbing in unusually large volumes since Thursday. Former chief
executive Khaldoun Tabari has sold his stake in the company to
Tabarak Investment, a source told Zawya, a Thomson Reuters
Tabarak Investment's stake stands at around 18 to 20 percent
after the sale, making it the largest shareholder, Zawya said.
In April, DSI said it would sell 500 million dirhams ($136
million) of shares to Tabarak as part of its capital
restructuring programme, subject to regulatory approval.
The Dubai index was up 0.3 percent.
In Abu Dhabi, Dana Gas headed for a fourth
straight session of gains, rising 1.7 percent. It has rocketed
49 percent this month on news that it received a portion of its
overdue payments from Egypt and on hopes for its legal efforts
to recover money from Iraqi Kurdistan.
The Abu Dhabi index was nearly flat, as six other
shares rose and five declined.
In Saudi Arabia, the index edged down 0.2 percent as
12 of 14 listed petrochemical makers fell with Brent oil futures
staying below $50 a barrel. Ethylene maker National
Petrochemical was down 2.5 percent; it had closed at a
seven-month low on Sunday.
(Reporting by Celine Aswad; Editing by Andrew Torchia and