Dubai reverses early losses to end higher

STOCKS NEWS: Abu Dhabi index. (Getty Images)

Dubai's main index recouped some early losses, ending the session 0.6 percent higher at 2,197 points. Dubai Financial Market was the most actively traded stock but closed unchanged. Dubai Investment Company climbed more than 2 percent.

Abu Dhabi's benchmark also reversed the negative trend in early trading and edged 0.2 percent higher at 3,124 points.

United Arab Bank was among the strongest performers, rising 7.3 percent.

"We remain cautiously positive and stay on the lookout for potential signs of reversal," Shuaa Capital said in its daily analysis.

Saudi stocks extended gains for a second straight session, led by blue chips Saudi Basic Industries, Samba Financial Group and Saudi Telecom.

The benchmark finished 0.8 percent higher, hitting a fresh 11-month high. It rose 3.1 percent the previous day.

Samba surged 9.4 percent, still benefiting from a Credit Suisse upgrade, which labled the stock as a top pick in the sector. The share rose almost 10 percent on Saturday.

Other Saudi banks, including Al Rajhi Bank which fell 2 percent, shed some of the gains they made on Saturday.

Most banking stocks in Saudi Arabia have been rising following the news that the chairman of Saad Group had reached a debt settlement with the local banks.

Alinma was the most actively traded stock and ends the session 1.5 percent lower.

Banks helped drive Kuwait's benchmark to a higher close on Sunday.

Kuwait Finance House and National Bank of Kuwait gained 1.5 percent and 3.1 percent respectively.

Kuwait banks, like their counterparts in Saudi Arabia, benefited from a recent rally in the sector.

Kuwait's main index gained 1.3 percent to 7,897 points.

Qatar's biggest stock by market value, Industries Qatar, fell 1.4 percent, partly dampening gains on the main index.

Qatar's benchmark ended 0.3 percent higher.

Bahrain's index rose 0.7 percent to 1,558 points. Gulf Finance House was the strongest gainer, with a 9.7 percent rise.

Omani banks posted strong gains on Sunday after a week-long closure for the Eid holiday, driving the main index to a higher close.

Bank Muscat and Bank Dhofar climbed 3 percent and 1.8 percent, respectively.

Oman's banks are catching up with a recent rally in the sector after being closed for a week, said Shailendra Singh, investment manager at Al-Shurooq Securities.

Investors are already anticipating the third-quarter results for banks, which should be positive, he said.

The Muscat index rose 1.3 percent. (Reuters)

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM