Gulf stocks were mixed in quiet trade on Tuesday as global markets regained some strength after the shock of the British vote to leave the European Union. Signs of progress toward an International Monetary Fund loan failed to lift Egypt much.
With oil prices off their lows, Gulf investors feel Brexit may have little impact on their economies, although weakness in the pound and euro could affect Dubai’s real estate and tourism sectors. Brent oil was up 2.7 percent to $48.41 a barrel as Gulf markets traded on Tuesday.
But Ramadan and summer holidays are limiting activity and deterring Gulf investors from taking large positions given the risk of more global market instability. Saudi Arabia’s market will be closed throughout next week for Eid Al-Fitr.
The Saudi Tadawul All-Share Index closed 0.2 percent higher, largely because of second- or third-tier stocks favored by local retail investors such as Tihama Advertising, up 9.5 percent.
Dubai’s index edged down 0.1 percent in thin trade with activity also focusing on smaller stocks such as HITS Telecom, the most actively traded share. It was up 1.5 percent.
In Abu Dhabi, a 1.5 percent decline by Aldar Properties and a 1.3 percent pull-back by First Gulf Bank helped to pull the index down 0.6 percent. But Bank of Sharjah jumped 7.1 percent in unusually heavy trade.
Qatar rose 0.5 percent as Qatar National Bank , the Gulf’s largest listed lender, climbed 0.7 percent.
Egypt’s central bank said late on Monday that it could secure some $10 billion from the IMF by agreeing on a structural economic reform program, but it had yet to make any formal request to do so.
The central bank statement came in response to comments by a cabinet minister, who told Reuters on Monday that Egypt had started negotiations with the IMF last week for a $5 billion loan. The minister said the central bank was leading the talks.

Source: Arab News