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Thursday, 15 June 2017

MIDEAST STOCKS-Oil price fall has mixed impact on Gulf, Doha extends recovery | Reuters

MIDEAST STOCKS-Oil price fall has mixed impact on Gulf, Doha extends recovery | Reuters:

"Stock markets in the Gulf were mixed on Thursday with Qatar and Dubai rising despite a fall in crude oil prices, while Saudi Arabia's decline was cushioned by hopes it will be put on review for possible emerging market status next week. Riyadh's stock index lost 0.5 percent after Brent crude dipped below $47 a barrel; all but one of the 14 listed petrochemical producers fell, with National Industrialization Co (Tasnee) dropping 3.7 percent. Jassim al-Jubran, senior equity analyst at Riyadh-based Aljazira Capital, said the stock market's losses were relatively small because most funds had been moving into shares that would benefit from any decision by index compiler MSCI next Tuesday to place Riyadh on review for possible upgrade to emerging market status. "Funds can withstand volatility in oil markets because they build long-term positions, and the MSCI review next week is higher on their list," said Jubran."



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