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Wednesday, 8 February 2017

MIDEAST STOCKS-Qatar rises as Barwa leaps; oil price drop pulls down Saudi | Reuters

MIDEAST STOCKS-Qatar rises as Barwa leaps; oil price drop pulls down Saudi | Reuters:

"Qatar's stock market rose on Wednesday after a major real estate company swung to a fourth-quarter profit, while a drop in oil prices pulled Saudi Arabia down.

The Qatari index closed 0.7 percent higher as Barwa Real Estate surged 8.3 percent in its heaviest trade for 1-1/2 years. It posted a quarterly net profit of 108 million riyals ($29.7 million) versus a loss of 518 million riyals a year earlier; the board recommended a 2016 cash dividend of 2.5 riyals per share, higher than the 2.2 riyals proposed for 2015.

But United Development dropped 3.0 percent after the board recommended a dividend for the year of 1.25 riyals, lower than 1.5 riyals for 2015. The firm reported a fourth-quarter net profit of 171.4 million riyals, an 81 percent jump."



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