UAE shares regain Dhs41bn

The rise in Dubai and Abu Dhabi came after a series of decisions by the UAE cabinet.

These included guaranteeing all assets at local and foreign banks for three years.

The government has also asked the stock market authority to remove restrictions for companies willing to buy back their own shares to support the local markets.

Saudi Tadawul has also witnessed its highest rise of the year, going up by 9.4% with 115 listed shares up by the maximum limit of 10% while all 120 listed shares rose.

Doha stock market also rose, by 8.5% after the government decision to buy 10%-20% of the banks shares through its investment arm the Qatar Investment Authority.

Muscat rose by 5.1%, Bahrain 0.81% while Kuwait stock exchange fell by 0.25%.
According to analyst Mohammed Ali Yaseen from Shuaa Capital, the measures taken by the UAE government have contributed to the stability of the market and increased confidence among traders encouraging portfolios to buy shares with large quantity.

Dubai: 20 shares rise by maximum limit

A feeling of relaxations and ease prevailed at Dubai Financial Market after 20 shares rose by the maximum limit.

Brokerage firms have received buying orders from traders pushing the prices of 20 firms up by 15%.

The rise was led by Emaar which rose by maximum limit to Dhs5.90, at Dhs631m representing 35% of the total trading which reached around Dhs2bn.

Other shares followed Emaar including DIB, Dubai Investments, Arabtec, Ajman Bank, DFM, Tamweel, Shuaa, Tabreed and Air Arabia and rose by the maximum limit.

Abu Dhabi: Market optimistic

The same spirit has prevailed at ADX and its branches in Sharjah, Al Ain and Ras Al Khaimah.

All leading shares, including Aldar, Sorouh, Abaar and NBAD rose by the maximum limit, while most traded shares rose except Abu Dhabi Ship Building which fell by 6%.

ADX authority has asked listed companies to speed up the announcement of Q3 profits to support the market.

Saudi Arabia: 115 shares up by maximum

Saudi market has witnessed one of the strongest rises of the year, going up by the maximum limit after support came from all traded shares with some shares up by maximum limit like Sabic, Safco, Al Rajhi, AlBilad Bank, Inmaa, Kayan, Yansab, STC, Mobily and Zain.

Trading value has also jumped to SR8.2bn, which is the highest in three months in a clear indication of the return of liquidity to the market.
The decision by Sama to pump liquidity into the market has left a positive impact on traders while current prices are attractive and Q3 profits are expected to be high.

Doha: Government interference pushes shares up

The Qatari government announced that its investment arm, the Qatar Investment Authority, would start buying 10%-20% of bank shares pushed Qataris to buy more before prices go up, pushing the prices of 30 firms up by 10%.

Qatar National Bank rose by 8.4%, Qatar Commercial 9.2%, Industries Qatar 8.6%, Electricty and Water 9% and Islamic Finance 9.4%.
Five shares including Al Rayyan, Naqilat, Al Salam, Islamic Bank and Gulf International dominated 50% of the total trading which reached 19 million shares.

Kuwait: NBK profits down while KFH profit up

Kuwait stock exchange was the only loser after pressure came from banks and the investment sector, while trading value remained high above KD200m.

National Bank of Kuwait Q3 profit declined by 10% to KD68m, while Kuwait Finance House profit rose up by 5% to KD363.2m.
Other banks profits included Commercial Bank up 10% to KD34.4m and fell at KSE by 3%.
Meanwhile Mana Holding rose by the maximum limit after the company announced that it will buy 40% stake in Qurtabah Company worth KD1.4m and another 40% in Al Deeq Company worth KD26.5m.

Muscat: Omantel leads the rise

Muscat stock market returned back above 7.000 points after leading shares including Omantel rose, trading OR2.2m out of total trading of OR12.3m and up by 3.6%.

Ports Services and Ahli United bank shares rose by 10%, Sohar Bank 8%, Muscat bank 5.1% above One Riyal.

Bahrain: GFH and Ithmaar lead the rise

Gulf Finance House and Ithmaar dominated 82.5% of the total traded shares which reached 7.4 million shares and rose by 5.2% and 7.8% respectively, amid high trading value of over BD5m.

Al Baraka Group also rose by 6.6%, Al Salam 8.9%, Gulf Construction 5.7% while Batelco fell by 2%.