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Oman recoups some losses, UAE markets rise
Shares of Bank Muscat and Raysut Cement Co led Muscat's main index to a higher close for the first time in four days, as the market partly recovered from a slide of more than 7 percent.
Bank Muscat and Raysut advanced 1.23 percent and 2.11 percent respectively as the best-performing index in the Gulf Arab region closed 0.56 percent higher at 10,737.10 points.
"There has been a huge sell-off. It was oversold and now it is recovering," said Jaysh Shah, head of brokerage at Bank Muscat.
Both Abu Dhabi and Dubai closed higher, with Emirates Telecommunications Co (Etisalat) and Emaar Properties powering the advances.
In Abu Dhabi - where the main index gained 0.92 percent to 4,976,15 points after 3 days of lower closes - Etisalat rose 2.06 percent and National Bank of Abu Dhabi climbed 1.90 percent.
"The market has fallen to levels that are attractive," said Anne-Marie Browne, foreign institutional sales manager at Al-Futtaim HC Securities in Dubai.
Aldar Properties closed 0.82 percent higher after the firm more than doubled second-quarter net profit to 1.2 billion dirhams ($326.7 million).
In Dubai, shares of Emaar Properties gained 1.45 percent and Gulf General Investments Co , the day's best performer, surged 9.09 percent.
The Dubai index, down nearly 10 percent this year, closed 1.07 percent higher at 5,405.44 points.
Telecoms shares helped Kuwait's main index to a slightly higher close with Mobile Telecommunications Co (Zain) jumping 6.49 percent.
Investors appeared to be building positions ahead of Zain's plan to raise its capital by $4.5 billion.
Shares of Wataniya closed 2.83 percent after the firm's second-quarter profit rose 47.8 percent and Kuwait Finance House rose 0.69 percent.
The index closed 0.04 percent higher at 14,977.50 points.
Shares of Samba Financial Group and Saudi Telecom Co fell 3.96 percent and 4.40 percent respectively to lead the kingdom's main index lower for a sixth session.
The worst-performing measure in the Gulf Arab region eased 0.37 percent to 8,740.74 points.
Industries Qatar and Doha Bank led the country's main index to end higher after 3 days of lower closes.
Industries Qatar advanced 0.66 percent and Doha Bank 1.03 percent as the index closed 0.08 percent higher at 11,567.61 points.
Shares of Bahrain Telecommunications Co and United Gulf Bank dragged the main measure lower, falling 3.85 percent and 7.29 percent respectively. The index closed down 0.65 percent at 2,791.92 points.
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