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Thu 25 Jun 2015 12:09 PM

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Gulf stock markets quiet as Etisalat loses steam

UAE telco surged 15% on Tuesday, 5.1% on Wednesday on news foreign investors would be allowed to buy its shares, but fell back 2.8% on Thursday morning

Gulf stock markets quiet as Etisalat loses steam

Gulf stock markets moved little in quiet early trade on Thursday as the United Arab Emirates' Etisalat and Amanat, which had galvanised UAE bourses in recent days, lost steam.

Etisalat had surged 5.1 percent on Wednesday and rocketed up by its 15 percent daily limit on Tuesday after announcing plans to let institutional investors buy its shares. But it fell back 2.8 percent on Thursday morning, suggesting investors now believed it was fully valued.

Education and healthcare investor Amanat soared 15 percent on Wednesday amid market talk that a local financial firm was aggressively building a stake in the company. It rose a further 3.5 percent to AED0.97 in heavy trade on Thursday morning but came off an early high of AED0.99.

Gulf Finance House, which had been trending down for a couple of weeks, was Dubai's most heavily traded stock, climbing 6.4 percent.

Qatar's stock index was almost flat, but drilling rig provider Gulf International Services rose 0.4 percent after saying some of its subsidiaries hoped to win more business because of a decision by Qatar Petroleum to allow more  competition when awarding contracts, rather than simply awarding deals directly to Qatar Petroleum affiliates.

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