Gulf stocks make strong start to week

MARKETS RISE: Gulf stocks climbed on Sunday following strength in US stocks on Friday. (Getty Images)

Gulf stocks made a strong start to the week on Sunday, with six of the seven markets ending in positive territory as global markets gained on Friday on investor hope that a thaw in credit markets will spur economic growth.

Oman bourse led the charge, with the main index closing more than 6 percent higher, led by Bank Muscat and Oman Cable.

Bank Muscat and Oman Cables ended up 7.89 percent and 9.98 percent respectively. The benchmark closed up 6.5 percent at 6,613 points, rising for a third trading day.

Qatar also made strong gains, with the main index finishing 5.24 percent higher on 7,291.29 points.

Gains were paced by Qatar National Bank and Industries Qatar, which closed 5.22 percent and 6.07 percent higher respectively.

Saudi Arabia's bourse bucked the regional trend to close lower, dragged down by Saudi Basic Industries Corp. (SABIC) and Al-Rajhi Bank.

SABIC ended down 3.85 percent and Al-Rajhi down 2.53 percent, while the main index declined 1.2 percent to 5,800 points.

Dubai's main index closed 0.44 percent higher at 2,955 points led by Emirates NBD, which climbed 2.75 percent.

Abu Dhabi's main index closed 1.5 percent higher at 3,375 points led by National Bank of Abu Dhabi (NBAD), which rose 6.11 percent.

In Kuwait, the index edged up 0.8 percent at 9,867 points, while Bahrain the measure was up 0.49 percent to 2,230 points.

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