Qatar's stock market rose sharply on Thursday as its blue-chip shares gained after a spate of selling, while Egypt's index was driven lower partly by its top lender. The Qatari index rose 1.1 percent, with 15 out of 20 stocks advancing. Heavyweights Qatar National Bank and Industries Qatar gained 2 percent and 1.9 percent respectively. Qatar was the best performing Gulf market in 2018 after a limit on foreign ownership of stocks was raised. It continued last year's performance into January but began a downward trend in February.

The index is still 5.5 percent lower this month, but the latest rise suggests it has become attractive again to investors on cheaper evaluations. Its listed companies are due to split their shares from one to 10 to satisfy a regulatory requirement, which will make the stocks even more affordable to buy, especially for smaller investors.

Mesaieed Petrochemical surged 7.1 percent to reach its highest since October 2018. The company had reported a 27 percent rise in annual profit and a hike in its dividend to 0.8 riyals ($0.2198) per share from 0.7 riyals. Egypt's blue-chip index fell 0.4 percent as profit-hunting pulled Commercial International Bank down 1.4 percent. The index has gained 16.3 percent so far this year, led by COMI, which has risen nearly 25 percent.

A heavyweight stock, Egypt's biggest lender has been a pull-and-push factor for the index, which fell in three sessions of February, all led by the bank which has had four days of losses this month. Telecom Egypt dropped 4.5 percent after its full-year profit fell below expectations. It reported a net profit attributable to shareholders of 3.48 billion Egyptian pounds ($198.97 million), against forecasts for 3.66 billion pounds. The Abu Dhabi index increased 0.7 percent with the country's largest lender First Abu Dhabi Bank rising 1.1 percent.

International Holding Co jumped 5.1 percent after it signed a deal to acquire PAL Cooling Holding. IHC earlier said it will issue 1.31 billion ordinary shares in return at 1.41 dirham per share. Saudi Arabia's index dropped 0.2 percent, with National Commercial Bank sliding 1.1 percent. Saudi Arabian Amiantit Co slid 9.8 percent after its board recommended a decrease in capital to 640.6 million riyals ($170.82 million) from 1.16 billion riyals as part of its plan to restructure some financially troubled group companies.

The company said in a subsequent announcement that it had closed Ameron Saudi Arabia and Saudi Arabia Concrete Products Company. Dubai's index traded roughly flat, but real estate firms continued their gains with Emaar Properties rising 1.3 percent.

Copyright Reuters, 2019