Gulf markets rise after series of declines
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Gulf markets rise after series of declines

Gulf markets rise after series of declines

UAE shares stabilized for a second straight day registering slight rises after a move by the Dubai government to fight corruption received a positive response from traders pushing the index ahead. The Dubai Financial Market rose slightly yesterday by 0.05% while the ADX rose by 0.17%. The biggest rise of the day was registered by Muscat by 1.2% and Doha 0.42%.

    The Saudi Market rose for the 7th consecutive day yesterday, up 0.09%, while Bahrain remained lower by 0.06% to be the only loser among all gulf markets.

    All financial markets continue to witness low trading values as a feeling of uncertainty is still keeping away significant traders.
    The lowest trading value was seen by Bahrain at BD0.3m, while UAE markets closed around Dhs1bn, Doha below half a billion, while KD100m in Kuwait.

    Dubai changes track in last minutes

    The DFM managed to close slightly higher yesterday supported by Emirates NBD, which rose by 0.87%. Emaar failed to maintain an upward trend yesterday, declining by 0.40% at Dhs9.74.

    The index managed to remain above 5,000 points which is a positive sign as the market is looking for new driving forces from foreign investments funds which saw lower buying yesterday at Dhs63.6m against sales of Dhs144.8m.

    The ADX climbed higher than the DFM as it aims to return to 5,000 points with support coming from 'UAE and Oman for Investments' which rose by maximum limit of 10%.

    The support also came from Aldar which traded Dhs235m rising by 0.50% to Dhs10.70, while Dana Gas jumped by 1.1% to Dhs1.77.

    Saudi Arabia: Al Masafi from 10% up to 4.9% down

    The Saudi market managed to keep its upward trend for the 7th consecutive session after support from leading shares like Sabic, which rose by 2.25% to SR123.25 after trading SR500m out of total trading of SR5bn.

    Al Masafi shares rose suddenly to 10% reaching SR202 before closing down by 4.9% in a profit gaining operation achieved after the company announced that its Q1 profits jumped by 454% to SR7m.

    The index was also supported by STC 0.38 and Mobily 1.7%.

    Kuwait: Deliberate closing

    The Kuwait stock exchange reversed its track in the last minutes after the rise of services, investment and industrial sectors.
    Zain declined by 1.1%, three days after the launch of its IPO. Analysts believe that the IPO, which will collect $1.2bn, will adversely affect the traders.

    Salboukh rose by 4.3% after the company announced the new terms of its IPO to increase its capital.

    Muscat: Omantel keeps pushing the index

    Muscat market returned to its 11.500 points mark after continuous support from Omantel following an announcement by the ministry of finance that it has received 8 bids to buy 25% of its shares.

    Omantel traded OR6.1m out of total trading of OR18.6m rising up by 4.6% to OR2.232. Sohar bank traded 4.1m shares out of total shares of 17.2m up 1.6%.

    Sohar Energy, in its second day of trading, fell by 6% after rising 38% in its fist trading day.

    Doha: Three shares push index up

    Doha continued to rise up following yesterday's strong rise amid low trading value below half a billion Riyal. The rise was led by Naqilat and Al Rayyan which traded together 2.6m shares out of 8.3m. Qatar Industries too rose up by 0.72%.

    Bahrain: Three shares lead the decline

    The Bahrain market suffered from sharp decline in trading value after pressure from the investment sector. Al Ahlia fell by 2.4%, Al Baraka 1.7% and GFH by 0.59%, while 'Cars Parking' shares jumped by 9.65% following strong H1 profits.

    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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