Qatari Stocks Break Losing Streak, Lead Mideast Gains: Inside EM

Abeer Abu Omar

19 Aug 2019, 11:56 AM IST

(Bloomberg) -- Qatar’s QE Index of stocks interrupted a three-day losing streak to rise 1.7% at close, its biggest daily gain since June 20.

Still, the benchmark remains among the world’s worst equity performers this month, according to major gauges tracked by Bloomberg. It’s headed toward its worst monthly performance since June 2017, when a group of neighbors including Saudi Arabia severed diplomatic relations with the Gulf country.

Qatari stocks lost 2.2% in the week ended Aug. 15 amid selling pressure across the spectrum of riskier assets, and a dash for havens such as U.S. Treasuries. The decline is set to “subside” this week, according to Talal Samhouri, the head of asset management at Doha-based Amwal LLC, as investors return to trading desks.

Qatari Stocks Break Losing Streak, Lead Mideast Gains: Inside EM

HIGHLIGHTS
MSCI Emerging Markets Index extended a drop for a fourth week, slipping 1.1% as of Friday. An index tracking currencies from developing markets fell 0.3% during the same week
EM Review: Recession Fears Outweigh Delay in Some U.S. Tariffs
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MIDDLE EASTERN MARKETS:

Qatar’s QE Index advanced the most among Middle Eastern peers
- Top gainers included: Industries Qatar +4.3%; Masraf al Rayan +2.6% and Qatar National Bank +1.4%
- READ: Seadrill, GDI Enter in Venture to Manage Qatar Jackups
The Tadawul All Share Index fell 0.3%
- Riyad Bank and Saudi Basic Industries led declines
- NOTE: The market in Riyadh resumed trading today after a week-long holiday from Aug. 11-15
Stocks in Abu Dhabi’s ADX General Index declined 0.3%, while Dubai’s equities were little changed
Kuwait’s Premier Market Index slipped 1.7%, the most among regional players
- Kuwait Finance House and Zain Kuwait contributed most to the loss, dropping 2.2% and 3.1%, respectively
The EGX30 Index gained 0.7% at close
- NOTE: Egyptian equities are the best performers this month among the major global indexes that Bloomberg tracks
- READ: Egyptian Stocks Extend Rally to Fourth Day on Rate Optimism
Stocks in Tel Aviv add 0.2% as of 3:47 p.m. local time
- READ: Israel’s Economy Slows More Than Forecast on Exports, Investment
MORE: Gibraltar Won’t Carry Forward U.S. Request on Seized Supertanker

To contact the reporter on this story: Abeer Abu Omar in Dubai at aabuomar@bloomberg.net

To contact the editors responsible for this story: Lin Noueihed at lnoueihed@bloomberg.net, Abbas Al Lawati