Qatar’s index made its largest one-day gain for more than two months as volumes hit a two-week high.
was the main engine of this rise, rising 3.6 percent and recouping most of its losses from a sharp fall sparked by the developer replacing its chief executive two weeks ago.
The index climbed 2.4 percent to 7,088 points, its largest single-session rise since July 26 and third straight gain.
“It’s a technical rebound – before, the market was holding above 7,000 points, but then fell below this level on very low volumes, ” said Samer al-Jaouni, General Manager of Middle East Financial Brokerage Co.
“The market didn’t react to decent second-quarter results, because it had already moved up from the 5,500 levels, but investors, especially institutions, are now going back to fundamentals.”
Qatar Gas Transport Co (Nakilat)
climbed 2.8 percent.
made its largest gain for four weeks as Dubai’s index rallied on improving regional and global sentiment.
Expectations for a worldwide economic recovery is steadying oil prices above $70 a barrel and boosting equities, analysts say.
climbed 6 percent, a day after Dubai holding says it had appointed a chief executive and chairman of its newly-created Property Vertical unit, merging Dubai Properties, Sama Dubai and Tatweer. This trio are then slated to merge with
Emaar
.
surged a near-maximum 14.6 percent after it appointed Sameer al-Ansari as its new chief executive and says it will issue 515 million shares to Dubai Banking Group (DBG), implementing an agreement to resolve a long-running bond dispute.
Dubai’s index climbed 1.9 percent to 1,922 points.
Abu Dhabi’s benchmark ended higher for the fifth session in seven as market heavyweight
Emirates Telecommunications Corp (Etisalat)
climbed 2.4 percent, its biggest one-day gain for two months.
The index rose 0.9 percent to 2,883 points.
Bahrain’s measure slipped 0.2 percent to 1,516 points, its first decline for three sessions.
Saudi Arabia’s index closed lower for a fourth session running as banks retreated and trading volumes fell to their lowest level for at least 46 weeks.
Samba Financial Group and SABB each fell 1.6 percent, while Saudi Basic Industries Corp (SABIC) slipped 0.7 percent.
The index dropped 0.7 percent to 5,700 points.
Middle East Specialized Cables Co climbed 1.1 percent after signing new contracts worth 95 million riyals ($25.33 million), according to a research note from Shuaa Capital.
Institutional buying in bank stocks lifted Oman’s index to its highest close since mid-November.
Bank Muscat and National Bank of Oman climbed 1.4 percent and 4.3 percent respectively.
The benchmark climbed 0.9 percent to 6,314 points, its highest close since Nov. 12 last year.
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