We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 9 Mar 2015 12:03 PM

Font Size

- Aa +

Stock markets: Gulf bourses narrowly mixed; Orascom rises on listing in Dubai

Mobily has surged its daily 10% limit for two sessions in a row on hopes that the firm will recover after restating its 2014 earnings to show a shock loss

Stock markets: Gulf bourses narrowly mixed; Orascom rises on listing in Dubai
Qatari investor stock exchange

Gulf stock markets were narrowly mixed in early trade on Monday, though Egypt's Orascom Construction (OC) rose on its NASDAQ Dubai listing.

OC shares started trading at $14.70, well above the initial public offer price of $14.25, and then rose further to $14.75, though trading volume was low.

Brokerage Mubasher has set its target price for the stock at 134.75 pounds or $17.70, saying that securing orders from huge projects planned in Egypt and across the Middle East could help OC improve its margins.

Dubai's index edged up 0.7 percent as most stocks rose. Dubai Islamic Bank, whose shares will no longer carry the AED0.40 dividend from Tuesday, added 1.5 percent.

Abu Dhabi inched up 0.1 percent as telecommunications firm Etisalat climbed 0.4 percent. Etisalat's Saudi Arabian affiliate Mobily has surged its daily 10 percent limit for two sessions in a row on hopes that the firm will recover after restating its 2014 earnings to show a shock loss and saying it expects to breach a loan covenant.

Qatar's benchmark added 0.1 percent as local stocks were mixed. Barwa Real Estate edged up 0.5 percent after reporting a more than doubling of its fourth-quarter net profit and an improved dividend payout for the full year.

Barwa's board recommended a cash dividend of 2.2 riyals per share, up from 2.0 riyals a year earlier.

Indexes in Oman and Kuwait edged down 0.2 percent each. Oman' Bank Sohar, which on Sunday cut its proposed cash dividend on the advice of the central bank, fell 1.9 percent.

Arabian Business: why we're going behind a paywall

For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.