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Mon 2 Mar 2015 12:09 PM

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Stock markets: Barwa lifts Qatar, UAE markets slip

Dubai's index fell 0.8% with most stocks in the red

Stock markets: Barwa lifts Qatar, UAE markets slip
(Getty Images)

Barwa Real Estate supported Qatar's stock market in early trade on Monday as it named a full-time group chief executive, while markets in the United Arab Emirates were soft in the absence of fresh catalysts.

The main Doha index inched up 0.1 percent and Barwa Real Estate was the main support, jumping 2.4 percent after it appointed Salman Mohamad al-Muhannad, previously CEO of QNB Capital. The company had only had an acting group CEO since May 2014.

Meanwhile, heavyweight Industries Qatar, the second-biggest petrochemicals firm in the Gulf, dropped 2.6 percent. The company's shares no longer carry the 7.00 riyals-per-share dividend, which equalled 4.5 percent of Sunday's closing share price.

Dubai's index fell 0.8 percent with most stocks in the red. But the benchmark found support after moving below 3,800 points, the lower bound of the narrow range in which it had traded for the last two weeks.

Emaar Properties, which said on Sunday that its board would discuss the dividend for 2014 this week, edged up 0.3 percent.

Abu Dhabi's bourse edged down 0.2 percent, Oman was flat while Kuwait slipped 0.2 percent.

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