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MIDEAST STOCKS-Gulf mixed in early trade; Qatar National Bank slides
June 13, 2017 / 7:52 AM / 6 months ago

MIDEAST STOCKS-Gulf mixed in early trade; Qatar National Bank slides

DUBAI, June 13 (Reuters) - Gulf stock markets were narrowly mixed in early trade on Tuesday although Qatar National Bank , the region’s largest lender, fell more than 1 percent, pulling the Qatari index down.

QNB was off 1.1 percent after an hour of trade. Like other Qatari banks, it has been hit by concern that the embargo mounted against Qatar by other Arab states could reduce its access to foreign funding.

However, some other Qatari banks such as Masraf Al Rayan were firm on Tuesday morning, and the stock index fell only 0.2 percent.

Logistics firm Gulf Warehousing, which had plunged after the sanctions were imposed a week ago, rebounded 8.4 percent to 49.50 riyals, returning very close to its pre-sanctions level. Although Qatar’s trade has been disrupted, it has kept shipments going by, for example, changing shipping routes to operate via Oman instead of the United Arab Emirates.

Dubai’s index edged up 0.3 percent as Emaar Properties, which has been strong since it announced last week a plan to spin off its local real estate unit, added a further 0.8 percent.

Saudi Arabia’s index edged down 0.1 percent, but Gulf Union Cooperative Insurance jumped by its 10 percent daily limit after saying it had cut its accumulated losses to 20 percent of capital from 33.5 percent. (Reporting by Andrew Torchia; Editing by Hugh Lawson)

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