Gulf markets rebound

Stocks across region push markets to higher close, bar Saudi which drops for fifth time in six days.
Gulf markets rebound
By Joel Bowman
Wed 12 Mar 2008 06:11 PM

Stocks across the Gulf climbed higher on Wednesday as property developers, telecoms and banks rebounded from losses earlier in the week.

Emaar Properties, the largest publicly traded stock in the Middle East, and Dubai Islamic Bank (DIB) led the gains, pushing the Dubai Financial Market (DFM) into positive territory with the main index closing up 1.85% at 5,819.86 points.

Emaar recovered all of its losses from Tuesday’s trading to finish up 2.97% on the day, while DIB rose 2.51%.

In Abu Dhabi, First Gulf Bank and Sorouh Real Estate led the Abu Dhabi Securities Market (ADSM) to a higher close, gaining of 1.65% and 0.95% respectively. Abu Dhabi’s main index closed up three-quarters of a percent to finish on 4,764.76 for the day.

Omani telecom Omantel and Oman Cement led the Muscat Securities Market higher, with the main index finishing up for the second straight day.

Omantel finished up 0.58%, while Oman Cement closed 1.67% higher to push the index to a gain of 0.74% to finish at 10,680.24.

The banks led the way on the Kuwait Stock Exchange, with National Bank of Kuwait (NBK) and Commercial Bank of Kuwait (CBK) surging 2% and 3.61% respectively.

Kuwait’s index finished up slightly on the day, closing 0.11% higher at 14,233.8 points.

The Doha Securities Market in Qatar also climbed on the back of strong performances from telecom Qtel and Qatar Gas Transport (Nakilat). The two rose 2.92% and 3.28% respectively to push the main index up for a second straight day, jumping just over 1% to close at 10,411,81 points.

However, markets in Saudi Arabia and Bahrain both declined on Wednesday, with the Bahrain Stock Exchange main index falling 0.37% on the back of losses from Bahrain Islamic Bank and Bahrain Cinema Company.

Samba Financial Group led the Saudi Stock Exchange to early gains before collapsing to finish down over 1% at the close. Saudi Electricity, down 1.75% for the day, combined with Samba to push the main index down for the fifth time in six days to finish at 9,891.8 points.

Saudi’s index ends down 0.14% at 9,891.8.

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