Monday 11 February 2019

MIDEAST STOCKS-Oil prices weigh on most Gulf markets; #Dubai, #Qatar lead losses | Reuters

MIDEAST STOCKS-Oil prices weigh on most Gulf markets; Dubai, Qatar lead losses | Reuters:

Weak oil prices led to falls in most Gulf stock markets on Monday, while Qatar and Dubai were dragged lower by their blue-chip bank stocks.

Qatar's index fell 1.3 percent as the Middle East's largest lender Qatar National Bank slid 5.2 percent, its biggest intraday loss since June 2017. The stock gained more than 65 percent last year after QNB announced plans to lift its foreign ownership ceiling to 49 percent from 25 percent.

The Qatari index was one of the world's best-performing in 2018, jumping 21 percent as companies raised limits on foreign ownership of their shares.

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