Stock News: Qatar Edges Up On Q3 Results, UAE Bourses Mixed

Qatar’s stock index edged up in early trade on Tuesday after several local companies reported solid third-quarter earnings, while markets in the United Arab Emirates were mixed.

The Doha benchmark added 0.6 per cent and Islamic lender Masraf Al Rayan, up 1.4 per cent, was the main support. The bank reported a 22.6 per cent rise in net profit for the third quarter on Monday, broadly in line with forecasts.

Oil rig provider Gulf International Services added 1.6 per cent after its third-quarter profit nearly doubled and came in slightly ahead of analysts’ estimates.

Qatar Islamic Bank rose 0.9 per cent, having reported a 17 per cent rise in third-quarter net profit on Monday that was roughly in line with estimates.

Abu Dhabi’s index climbed 0.5 per cent. Shares in investment firm Waha Capital jumped 2.6 per cent after it secured regulatory approval to buy back up to 10 per cent of its outstanding shares.

Dubai’s benchmark edged down 0.4 per cent as shares in builder Arabtec Holding fell 2.6 per cent and Emaar Properties lost 0.6 per cent.

UAE markets have followed the direction set by European bourses in the last few days with most trades taking place late in the session, when trading in Europe opens.