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Reuters
DUBAI
Qatar's stock market stabilised in early trade on Monday after a diplomatic deadline to comply with demands by four Arab states was extended by two days to Tuesday night.
The Doha index, which fell 2.3 percent on Sunday, was up 0.3 percent after an hour of trade as some stocks favoured by foreign funds were the top gainers. Mobile phone operator Vodafone Qatar rose 1.1 percent. Qatar stock market closed 114 points, or 1.3 percent, up.
Foreign funds have been taking advantage of reduced valuations in the Qatari market because of its recent plunge and have been net buyers of Qatari shares in the last two sessions, according to bourse data.
In Dubai, the index was up 1.3 percent as 24 shares rose and only two declined. Shares favoured by short-term retail traders were the most active, with GFH Financial adding 4.4 percent and property developer DAMAC jumping 5.3 percent.
Abu Dhabi's index dipped 0.2 percent, weighed down by the top two shares by market value; telecommunications operator Etisalat, down 0.6 percent, and First Abu Dhabi Bank , off 0.5 percent.
In Saudi Arabia, the index edged down 0.3 percent, snapping three days of strong gains. National Commercial Bank retreated 2.0 percent, pulling away from a 21-month high. Petrochemical shares, however, were firm as Brent oil headed back near $50 a barrel.
Nine of the 14 listed producers rose; Alujain was the best performer, adding 1.4 percent.
