Gulf markets back on upward trend
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Gulf markets back on upward trend

Gulf markets back on upward trend

Gulf markets witnessed considerable growth today, the highest in three months, after being subject to sharp declines in the last few days. Local markets have responded positively to improvements on the international bourses following the US measures to rescue the markets.

    All Gulf markets witnessed a rise except for Tadawul, which fell by 1% following a strong rise yesterday of 2.7%.

    Leading shares have risen unexpectedly, including Dubai, which rose by 9.8% following support from Emaar which rose to the maximum limit of 10% to Dhs8.03 from Dhs7 last week.

    Doha rose by 7.9%, ADX by 5.6%, Kuwait by 3.8%, Muscat by 4.3% and Bahrain by 1.1%.

    UAE shares regain Dhs44.4bn

    According to stock market authorities, UAE shares have regained Dhs44.4bn out of total losses of Dhs115bn since the beginning of the month.

    The UAE index rose by 6.9%, which is the highest in a single session during 2008.

    Dubai: Emaar back in demand

    Emaar rose to Dhs8.05, trading Dhs726.5m out of total trading of Dhs2.6bn.

    Other leading shares also rose almost to the maximum limit including DFM 14.8%, DIB 14.8%, Amlak 14.6%, Air Arabia 13%, Union Properties 12.3%, Dubai Investments 12% and Du 11.7%.

    Foreigners started to buy for the first time in months with total buying of Dhs548.7m against selling of Dhs332.5m with a total purchasing of Dhs1bn and selling of Dhs912.8bn, with a net buying of Dhs120.2m.

    Abu Dhabi rises to the maximum limit

    Leading shares rose to the maximum limit at ADX including Aldar, Sorouh, First Gulf Bank, ADCB and Takaful.

    Only Umm Al Quwain Cement fell today at ADX, going down by 9.45% while the prices of 34 listed firms rose with an average trading of Dhs620m.

    Ameed Kanaan, from Al Jazira Financial Securities Company, has said that today's rise has given a strong push to overall trading after the entry of local and foreign funds, adding that it's too early to judge markets which need more liquidity from investors and governments.

    Saudi Arabia: Profit gaining follows rise

    The Saudi market witnessed a profit gaining wave after its strong rise yesterday.

    The index, which fell by 1%, came under pressure from all sectors but managed to stay above the 7.500 benchmark.

    The prices of 109 listed firms fell against only 12 shares which rose.

    Total trading stood at SR3.5bn only.

    All leading shares fell, except STC which rose by 0.81%, while Mobily fell by 1.5% and Zain by 2.9%.

    The decline of the petrochemical sector was led by Sabic which fell by 0.68% despite trading SR394m while Petrorabigh fell by 2%, Kayan 1.2% and Yansab 2.3%.

    Samba led the decline in banks by 1.4% while Riyad Bank rose by 0.32%.

    Kuwait: KFH rises to maximum limit

    KSE index rose above the 13.000 benchmark after support from all leading shares including Kuwait Finance House, while trading value jumped to above KD200m.

    Other leading shares rose sharply, including Zain by 2.3% after its IPO was over subscribed by 99%, NBK 2.2%, Kuwait Commercial Bank 6.5%, Global 5% and Agility 6%.

    The KSE authority has approved the buy back of shares for Zain, NBK and Kuwait Commercial bank which pushed the index further.

    Doha market: Only one share falls

    Doha market registered a strong rise after support came from local and foreign funds, pushing the index above the 9.000 benchmark.

    The prices of 39 shares went up, with the trading value jumping above QR1bn.

    Seven shares including Al Rayan, Gulf Holding, Naqilat, Islamic bank, Industries Qatar, and Commercial Bank dominated 62% of the trading which reached 23.8 million shares and rose to the maximum limit of 10% like Naqilat and Gulf Holding, while Industries Qatar rose by 8.8%.

    Muscat back to 8.500 benchmark

    Muscat stock market index closed above the 8.500 mark after support from 46 firms including eight to the maximum limit like Al Anwar Holding, Oman National Bank, UAE Holding and Al Jazira Services.

    Muscat Bank, Omantel and Cable Industries dominated 38.8% of the total trading which reached OR13.4m and 15.8m shares and rose by 4.3%, 3% and 5.4% respectively.

    Bahrain up after decline

    Bahrain stock market changed its trend from falling to rising after support from the investment sector particularly GFH which rose by 9.5% above $3.

    The rise of Al Salam and Ithmaar by 5.3% and 3.4% respectively gave strong support to the index while Ahli United Bank and Batelco fell by 1.8% and 0.72% respectively.

    AMEinfo Staff

    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

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