Qatari stocks fall after pressure from UAE and Dana Gas rise in Abu Dhabi

Qatari stocks fall after pressure from UAE and Dana Gas rise in Abu Dhabi

Arab and international Since 2017-06-11 at 19:17 (Baghdad time)

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Qatar's banks fell on Sunday after the central bank issued directives to banks in the UAE to be cautious about their accounts in six Qatari banks, while Dana Gas and Drake & Scull International were the best performers in the UAE.
As the diplomatic crisis continued in the region, the UAE notified its banks of the suspension of 59 individuals and 12 entities claiming links to Qatar and directed its banks to immediately apply "enhanced due diligence procedures" on transactions with six country banks.
Five of the six listed banks are Qatar National Bank, Qatar Islamic Bank, Qatar International Islamic Bank, Al Rayyan Bank and Doha Bank. Shares of these banks all fell today and Masraf Al Rayan, the biggest loser in Islamic transactions, was down 4 percent.
Qatari banks have about 60 billion riyals ($ 16.5 billion) in deposits to customers and banks from other Gulf countries, according to estimates by Bahrain's investment bank SICO. Most of them may eventually be withdrawn if the crisis persists. Commercial Bank of Qatar was the only gainer among Qatari banks, rising 2.7 percent.
Barwa Real Estate fell 4.1 percent. Qatar's benchmark index fell 1.9 percent after last week's 7.1 percent drop.
Saudi Arabia's main index fell 0.8 percent amid low volumes under the pressure of the petrochemical sector, with the price of global benchmark crude (Brent) near a one-month low. National Petrochemical Company (Petrochem) fell 3.5 percent to its lowest close since November.
Shares in companies that may benefit from the MSCI index lifted Saudi Arabia's rating to emerging market status, with Almarai Dairy rising 0.9 percent to 82.90 riyals, its highest level ever. On June 20, MSCI will announce whether it will put Saudi Arabia under review to raise a possible rating.
Egypt's main index fell 0.5 percent, falling from its all-time high as some investors took profits. Commercial International Bank (CIB), Egypt's largest listed bank, fell 1.1 percent.
In Abu Dhabi, Dana Gas jumped 13.2 percent and was the most heavily traded on the market. The stock rose 46 percent this month thanks to reports that the energy company received part of its arrears from Egypt and hopes that legal efforts will result in the recovery of funds from Iraqi Kurdistan.
The rise in shares of Abu Dhabi's first bank, the region's second-largest lender by assets after Qatar National Bank, led to a 0.9 percent rise in the Abu Dhabi index.
In Dubai, Drake & Scull rose 1.2 percent to AED 0.422. The stock has risen 5.5 percent since Thursday in unusually large volumes.
Khaldun Tabari, former chief executive of Dubai-based Drake & Scull International, sold his stake in the company to Tabarak Investment, a source for Zawya's service said.
Zawya said Tabarak's after-sales stake was between 18 and 20 percent, making it the biggest shareholder in Drake & Scull.
Dubai's index fell 0.4 percent. Arabtec Construction fell 1.6 percent.
Indices of the Middle East stock markets are closed:
Saudi Arabia .. The index fell 0.8 percent to 6809 points.
The index fell 0.4 percent to 3,338 points.
The index rose 0.5 percent to 4,499 points.
Qatar .. The index fell 1.9 percent to 9060 points.
Egypt .. The index fell 0.5 percent to 13,616 points.
KUWAIT: The index fell 0.4 percent to 6,755 points.
Bahrain .. The index stabilized at 1323 points.
Oman: The index fell 0.4 percent to 5331 points.


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