Posted on July 17, 2015

Mostly positive earnings reports may support Qatar's stock market on Thursday, while Egyptian textile produce Arab Cotton Ginning may rise after the Cairo government reversed a decision to halt cotton imports, said Reuters.

Five out of six Qatari companies which posted their financials after Wednesday's close reported increases in net profit for the first half of this year. Diversified holding company Aamal's profit rose 39 percent, property firm United Development reported a 24 percent increase, and Al Khalij Commercial Bank posted 17 percent profit growth. The six-month profit of Qatar Industrial Manufacturing rose 6 percent while Gulf Warehousing Co posted a 30 percent increase. Doha Insurance was the only firm to post a decline; its profit fell 18 percent. 

In Egypt, the government said late on Wednesday that it had reversed a decision to halt cotton imports which, when it was introduced earlier this month, hurt the shares of textile company Arab Cotton Ginning . The stock dropped 10 percent last week. Wednesday's cabinet statement said the prime minister had requested a study on cotton policy, while "the import of cotton for this year has been permitted". Most major markets in the Gulf are already closed for the Muslim holiday of Eid al-Fitr, but Kuwait and Bahrain will be open on Thursday. 

Oil prices have risen on Thursday morning after data showed that U.S. crude inventories dropped and refinery demand was high, although the outlook remains for cheap oil as oversupply persists. On the equities side, most Asian shares have edged up on Thursday after volatile Chinese stocks reversed course and rose. 

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