Mideast stocks move narrowly, Vodafone Qatar soars

Mideast stock markets mostly moved narrowly in early trade on Tuesday although Vodafone Qatar soared in response to a stream of positive news. It jumped 9.1 per cent.

The Qatari stock index was flat, however, as Qatar Navigation dropped 2.9 per cent after reporting a 34 per cent fall in annual net profit. Qatar Electricity and Qater tumbled 4.2 per cent as it went ex-dividend.

Saudi Arabia’s index edged up 0.1 per cent in the first 45 minutes as National Industrialisation Co, the most heavily traded stock, jumped 7.1 per cent.

Dubai’s index fell 0.3 per cent as Shuaa Capital fell back 1.8 per cent. The stock had gained 1.8 per cent on Monday.

GFH shares pulled back 1.4 per cent after surging 6.6 per cent on Monday.