Gulf markets bullish as global mood improves

Dubai and Egypt led Tuesday's gains, while Saudi Arabia and Qatar edged higher
By Reuters
Wed 26 Mar 2014 12:00 PM

Most Gulf stock markets are likely to remain bullish on Wednesday as Asian shares race to two-week highs in early trade.

Dubai and Egypt led Tuesday's gains, while Saudi Arabia and Qatar edged higher but were range-bound despite higher-than-average trading volumes. Oman was shut due to a technical glitch and bank stocks dragged Bahrainlower.

Qatar Islamic Bank (QIB) could draw investors' interest on Wednesday after Turkish Islamic lender Bank Asyasaid late on Tuesday it had started talks on a strategic partnership with QIB.

Bahrain's bourse may remain under pressure as Ahli United Bank goes ex-dividend on Wednesday, having already shed 1.2 percent on Tuesday.

State-run Bahrain Telecommunications (Batelco) could gain after announcing plans to buy back a third of outstanding bonds due in 2020, using excess liquidity from a scrapped acquisition to lower its debt servicing costs.

In foreign markets, Asian shares raced to two-week highs on Wednesday, with investor confidence getting a boost from positive U.S. data and hopes that China may take steps to stimulate its sagging economy.

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