Gulf markets follow global equity rally

RALLY TIME:Traders around the globe banked gains on Wednesday as equity markets soared. (Getty Images)

Gulf stocks on Wednesday continued a rally in global equity markets to consolidate gains made the previous day, with all benchmark indexes ending higher.

Markets in the region took their cue from a huge day on Wall Street on Tuesday in which the three major indexes - Down Jones Industrial Average, Nasdaq and S&P - piled on more than 3% each.

Asian and European markets also made massive gains overnight with the Nikkei and Hang Seng jumping 4.2% and 3.2% respectively and the FTSE rising 0.6%.

Saudi Arabia, the largest market in the region by capitalisation, scored its biggest single-day gain in over a month, shooting up 2.65% to close on 9,367.52 points. Saudi Basic Industries Corporation (Sabic) led the way with a huge 5.55% gain, its largest in a single-day for six weeks.

SAB Bank also finished the day higher, recouping some of its recent losses to close up 2.36%.

News was positive too in the UAE where Abu Dhabi was helped to its largest one-day gain in over a month, boosted by telecom Etisalat and Sorouh Real Estate. The two companies jumped 2.05% and 4.97% to lift the index 1.73% to 4,693.84 points.

Dubai rounded out off solid day in the Emirates with a 0.45% gain. The benchmark index was helped by strong performances from Emaar Properties and Dubai Islamic Bank, which rose 0.89% and 2.96% respectively. The index finished on 5,458.11 points.

Kuwaiti telecom Zain gained 5.49% while National Industries Group kicked in another 2.3% to push Kuwait’s index higher. The benchmark edged closer to the record it set last month when the country's emir dissolved parliament, closing up 0.31% on 14,458.5 points.

Markets in Doha rallied on the back of strength in the banking sector with Qatar National Bank and Commercial Bank of Qatar finishing higher by 1.19% and 0.2% respectively. Qatar’s benchmark index crept up 0.35% for the day, ending on 9,677.43 points.

Oman clinched a 0.89% gain on the back of strong performances for Oman International Bank and Renaissance Services, which rose 3.83% and 5.26% respectively. The benchmark closed on 10,275.85 points.

Bahrain topped off a stellar day for the markets with Ithmaar Bank helping the index to a higher close, finishing on 2,805.67 points.

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