PHOTO
DUBAI - Qatar's stock market resumed a rally in early trade on Thursday while most bourses in the Gulf were little changed, lacking fresh stimulus.
The Qatari index , which has rebounded from near six-year lows in the past 10 days, added 0.5 percent as Vodafone Qatar, the most heavily traded stock, surged 4.4 percent.
The index fell sharply in the months to mid-December after four other Arab states imposed an economic boycott on Doha. But signs that the damage is less than feared and a supportive 2018 state budget plan announced last week have helped the market recover.
Saudi Arabia's index edged down 0.1 percent in the first half hour. It had risen in anticipation of this week's expansionary state budget for 2018 but has since then stalled, with the fiscal blueprint largely priced in.
PetroRabigh jumped 4.5 percent in unusually heavy trade after Energy Minister Khalid al-Falih said the expanded section of its petrochemical complex would start operations in the first quarter of 2018.
Dubai's index edged down 0.1 percent with the most active stock, Union Properties, gaining 2.9 percent.
(Reporting by Andrew Torchia; editing by John Stonestreet) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
The Qatari index , which has rebounded from near six-year lows in the past 10 days, added 0.5 percent as Vodafone Qatar, the most heavily traded stock, surged 4.4 percent.
The index fell sharply in the months to mid-December after four other Arab states imposed an economic boycott on Doha. But signs that the damage is less than feared and a supportive 2018 state budget plan announced last week have helped the market recover.
Saudi Arabia's index edged down 0.1 percent in the first half hour. It had risen in anticipation of this week's expansionary state budget for 2018 but has since then stalled, with the fiscal blueprint largely priced in.
PetroRabigh jumped 4.5 percent in unusually heavy trade after Energy Minister Khalid al-Falih said the expanded section of its petrochemical complex would start operations in the first quarter of 2018.
Dubai's index edged down 0.1 percent with the most active stock, Union Properties, gaining 2.9 percent.
(Reporting by Andrew Torchia; editing by John Stonestreet) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
