Most Gulf markets end higher, Doha Bank lifts Qatar

      Published on Monday, 24 February , 2020      551 Views     
Most Gulf markets end higher, Doha Bank lifts Qatar

  • Gulf News

Most Gulf markets closed higher on Thursday amid rising oil prices, with Qatar outperforming as Doha Bank jumped after releasing a five-year plan.

Oil prices held near one-month highs on Thursday supported by China’s efforts to boost its economy, a drop in new coronavirus cases and supply concerns in Venezuela and Libya.

Brent crude futures .LCOc1 were up 7 cents at $59.19 a barrel by 0939 GMT.

In Qatar, the index .QSI closed up 0.6% with Doha Bank DOBK.QA surging 9.6%, its biggest intra-day rise since May 2009, while Qatar Islamic Bank ended up 0.8%.

Doha Bank released a supplementary release to its full year earnings saying it has created a five years strategic plan to address challenging economic conditions.

The bank shed over 17% in its last three sessions, after its 2019 net profit dropped to 754 million riyals from 830 million riyals a year earlier.

Saudi Arabia’s benchmark index .TASI was up 0.5% as Al Rajhi Bank 1120.SE added 0.9% and Jabal Omar Development 4250.SE jumped 5.8%.

Oil giant Saudi Aramco 2222.SE ended up 0.8% at 33.65 riyals ($8.97).

Dubai’s index .DFMGI was up 0.4% with Emirates NBD Bank ENBD.DU rising 1.6% and Emirates Integrated Telecommunications DU.DU gaining 1.8%.

In Abu Dhabi, the index .ADI, however, closed 0.8% down, dragged by banking shares as First Abu Dhabi Bank FAB.AD lost 1.2% and Abu Dhabi Commercial Bank ADCB.AD shed 1.6%.

In Egypt, the blue-chip index .EGX30 edged up 0.2%. El Sewedy Electric SWDY.CA added rose 2.2% after it reported higher revenue in 2019 and proposed a per share dividend of 0.80 Egyptian pound.

Talaat Mostafa Group Holding TMGH.CA gained 1.8%. On Wednesday, the company said its unit will build a hotel with an investment cost of about 1.5 billion Egyptian pounds ($96.59 million) in partnership with Egyptian General Co For Tourism & Hotel.

Category Gulf News | 2020/02/24 latest update at 9:47 AM
Source : Nasdag | Photocredit : Google
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