MIDEAST STOCKS-Gulf consolidates, Ezdan leaps in Qatar – Reuters

This post was originally published on this site

Gulf stock markets generally
consolidated in quiet trade on Sunday although major property
firm Ezdan Holding rebounded in Qatar.
Ezdan had tumbled as much as 29 percent since late last
month, when shareholders approved the delisting of the company.
However, it has begun recovering in the past two trading days
and was up 9.5 percent on Sunday at 12.53 riyals in heavy trade.

The board has said it will prepare a statement of the
company’s fair value per share, to be presented to shareholders
at a subsequent meeting, and some traders may be speculating on
a buyout price above current levels.

Ezdan shares have been removed from Qatar’s stock index
, however, which was down 0.4 percent on Sunday.
Petrochemical producer Industries Qatar fell 1

Saudi Arabia’s index edged down 0.1 percent in the
first half hour of trade with much activity focusing on smaller
stocks. Al Baha Investment jumped 10 percent as the
stock resumed trading after a four-year suspension because its
accumulated losses exceeded regulatory standards. The suspension
was lifted after Al Baha took action to reduce those losses.

Dubai’s index was flat although some of the
beaten-down stocks of the last few months continued recovering
gradually; amusement park operator DXB Entertainments
rose 1.2 percent.

Abu Dhabi’s index climbed 0.2 percent.
(Reporting by Andrew Torchia; Editing by Susan Fenton)