Qatar continues to lead Gulf markets

WINNING STREAK: Qatar’s index posted a new multi-year high to lead Gulf stocks again on Monday. (Getty Images)

Qatar’s index posted a new multi-year high to lead Gulf stocks again on Monday as markets clawed back some of the week’s earlier losses while Oman, the best-performer of the year, was unable to keep pace.

Qatar’s measure continued its bull run to challenge Oman as the Gulf’s leader for 2008, while markets in Dubai, Bahrain and Kuwait also posted positive results.

Doha was led by Industries Qatar and gas transport company, Nakilat, which edged up 1.51% and 1.4% respectively. The two pushed the index above its two-and-a-half year high intraday before the benchmark slipped into the close. The Gulf’s second-best performer for the year still rounded out the session on 12,089.47, however, up 0.41% for the day.

Oman, the pace-setter for Gulf markets and up more than 25% for the year, slipped 0.33% after shares of telecom provider, Omantel, and Renaissance Services Company weighed on the main index. The former fell 0.74% while the latter slid 1.55% to weigh on Muscat’s measure, which ended the day on 11,354.09 points.

Dubai Islamic Bank and Dubai Financial Market Company boosted the main index there. The two ended the day up 2.33% and 1.06% while the benchmark finished on 5,657.17 points, up almost a quarter of a percent.

Shares of Agility recovered more than 2% to drive Kuwait’s market higher a day after a price miscalculation rendered trades of the stock void.

Kuwait Finance House and National Industries Group also lifted the index with the two up 0.69% and 1.49% respectively. The index finished on 14,835.70 points, up 0.1% from Sunday’s close.

Bahrain’s benchmark extended gains earned on Sunday, helped largely by Ahli United Bank, which added 2.33%. The index rose 0.7% to finish the day on 2,869.98 points.

Meanwhile, national telecom provider, Etisalat, and Abu Dhabi Commercial Bank stalled the UAE capital’s measure, which finished down 0.7% and 4.23% respectively. The measure ended 0.33% lower on 4,965.85 points.

In Saudi, the Gulf’s largest market by capitalization, shares continued to fall. The index lost 0.16% to end the day on 9,630.65 points after Bank Albilad dipped 0.6% and the Saudi British Bank fell 0.16%.

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