Doha’s index QSI ended higher for a seventh successive trading day as market leader Industries Qatar rose 5.3 percent.
The benchmark climbed 2.9 percent to 6,317 points, its highest close since Jan. 12. Volumes were the highest for more than 11 months.
“The drastic steps taken by the government to support the country’s banking system and other key sectors such as petrochemicals has given confidence back to investors,” said Samer Al Jaouni, General Manager of Middle East Financial Brokerage Co.
“For the past three to four weeks, institutions have been pumping new money into the market and this has encouraged retail investors to return.”
Kuwait’s index KWSE ended higher, rising 0.3 percent to 7,753 points for the ninth session in 10, despite five of its six largest stocks retreating.
National Industrial Group boosted the benchmark, rising 7.6 percent.
Agility fell 3.6 percent. The logistics firm surged 7.7 percent in the preceding two sessions after announcing a 1.3 percent fall in first-quarter profits.
The Bahrain index BAX rose 0.4 percent to 1,595 points.
Bank gains helped the Oman benchmark MSI end higher for a sixth session in seven.
The index climbed 2.6 percent to 5,468 points. Volumes hit an 11-session high.
Bank Muscat rose seven percent to 0.78 riyals and National Bank of Oman added 9.7 percent.
“The fair value of Bank Muscat is somewhere between 0.94 and 1.04 riyals and so there’s a lot of buying interest in the stock,” says Shailendra Singh, investment manager at Al Shurooq Securities.
“It’s the benchmark for the Oman banking sector and so the other banks tend to track its movements.”
Top trader Galfar Engineering climbed 2.5 percent.
Union National Bank (UNB) jumped 9.6 percent after Credit Suisse gave the Abu Dhabi lender an “outperform” rating.
Credit Suisse issued the same rating to First Gulf Bank, which surged 9.1 percent.
“UNB in particular is a preferred choice for investment houses,” said Nadim Jalad, a trader at Naeem Shares and Bonds in Dubai.
“Abu Dhabi stocks are cheap compared to developed markets, with almost all potential bad news already priced in.”
The Abu Dhabi index ADI climbed 1.3 percent to 2,624 points, poised for its fourth straight rise.
“We’re seeing profit-taking intraday from speculators, but the markets are still moving up, which shows there are real buyers out there and volumes are picking up,” added Jalad. (Reuters)
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