Gulf bourses rise on Saudi surge

INVESTOR CONFIDENCE: Gulf bourses rose on Sunday after Saudi surged in the previous session. (Getty Images)

Gulf stocks surged on Sunday, tracking gains in global markets on Friday and boosted by a huge rally in Saudi Arabia in the previous session.

Dubai's main index ended up 1.85 percent at 1,964 points, with Emaar Properties rising 4.27 percent.

Construction firm Arabtec Holding ended 2.02 percent higher after its chief financial officer said it had secured regulatory approval for a planned rights issue.

In Abu Dhabi, the benchmark closed 2.02 percent up at 2,775 points, led higher by National Bank of Abu Dhabi (NBAD), which surged 10 percent.

Sorouh Real Estate and Aldar Properties gained 6.92 percent and 4.84 percent respectively.

Saudi Arabia's main benchmark closes down 2.21 percent at 4,738 points, pushed lower by profit-taking a
day after the bourse posts its biggest one-day gain in at least 23 months.

Samba Financial Group and Banque Saudi Fransi declined 4.2 percent and 6.01 percent respectively. Riyad Bank fell 4.62 percent.

Qatar's main index ended up 6.06 percent at 6,071 points.

Qatar Gas and Transport Co. (Nakilat) ended up 8.17 percent. Qatar Islamic Bank and Qatar National Bank rose 8.35 percent and 3.93 percent respectively.

Kuwait's main index closed up 1.69 percent at 8.875 points.

National Bank of Kuwait (NBK) and Kuwait Finance House climbed 5.19 percent and 6.02 percent respectively.

Oman's main index finished up 2.25 percent at 6,263 points.

Telecom Omantel closed up 2.68 percent after it said on Saturday it had qualified for the second stage
of bidding for Iran's third mobile phone licence.

National Bank of Oman rose 3.11 percent and Raysut Cement Co. climbed 2.24 percent.

Bahrain's benchmark closed up 1.15 percent at 1,949 points.

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