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MidEast Stocks Mostly Rise, Qatar Tries to Smooth Over Relations with Neighboring Countries

By: MT Newswires
Posted: 3/6/2014 12:27:00 PM
Referenced Stocks:

Middle East stocks mostly rose, with Qatar rallying after the Qatari government appeared conciliatory in its diplomatic dispute with Saudi Arabia, the United Arab Emirates and Bahrain.

Those three countries decided to withdraw their ambassadors from Doha on Wednesday, saying Qatar had failed to honor a Gulf Cooperation Council agreement not to back "anyone threatening the security and stability of the GCC" - an apparent reference to Qatar's support of Islamist figures, Reuters reported.

But Qatar responded by pledging its commitment to regional security policies and saying it would not withdraw its own ambassadors, fueling hopes that the dispute could be resolved, the story said.

Meanwhile, Egyptian shares were weighed by weak earnings.

Qatar's main index jumped 2.3% to 11,607 points, Saudi Arabia gained 1% to 9,249 points, Dubai added 1.3% to 4,154 points, Abu Dhabi dipped 0.8% to 4,897 points, Egypt slipped 0.9% to 7,950 points, Kuwait added 0.4% to 7,507 points, Oman eased 0.2% to 7,118 points and Bahrain firmed 0.6% to 1,373 points.