Most Gulf markets end higher, Doha Bank lifts Qatar

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

Boursa Kuwait ‘confident’ of MSCI upgrade, says CEO

Boursa Kuwait is “confident” that MSCI will upgrade it to emerging market status in 2019, according to CEO…

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.

Walima Doha launches all-new Saturday sundowner sessions

Mondrian Doha, Qatar’s leading destination from global lifestyle hospitality company sbe, is pleased to announce the launch of…

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

238 Views
Comments Add comment

The editorial staff of Qatar Today would like to give all of its readers from Gulf and Qatar and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Qatar Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Qatar, the Gulf and the world.