Gulf investors are likely book profits on Thursday ahead of the regional weekend, limiting their market exposure amid a negative global backdrop and little local news.
In Doha, Qatar National Bank reported a 17.4 percent rise in quarterly profits on Wednesday, just shy of analyst estimates.
“The first quarter is the toughest time for most listed companies as many don’t have a lot of time to execute big deals that yield quick profits to present to shareholders,” says Yassir Mckee, wealth manager at Al Rayan Financial Brokerage.
Qatar’s index closed slightly lower on Wednesday at 8,850 points, down for a second day since Monday’s 12-week high.
Dubai’s bluechips helped lift the emirates index to a four-week high on Wednesday.
Profit-taking is likely in early Thursday trade, tracking losses on global markets, says a Dubai-based portfolio manager who asked not to be identified. Some investors will use these declines as an opportunity to accumulate shares at lower prices, he adds.
Asian shares are down after a weak Spanish bond sale heightened worries about funding difficulties for weaker euro zone countries, further undermining sentiment hurt by fading expectations of more stimulus from the U.S. Federal Reserve.
Brent crude rose more than a dollar on Thursday on growing concerns over Iranian oil supplies being disrupted due to Western sanctions.
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