We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 24 Mar 2015 12:29 PM

Font Size

- Aa +

Stock markets: Gulf bourses positive; Oman rises after ruler's return

Muscat index climbed 0.6 percent as most traded stocks rose

Stock markets: Gulf bourses positive; Oman rises after ruler's return
(AFP/Getty Images)

Most Gulf stock markets edged up in early trade on Tuesday and Oman's bourse was among the top gainers after Sultan Qaboos returned home "in complete health" on Monday from an eight-month medical stay in Germany.

Qaboos, 74, has been absolute ruler of the Arabian peninsula state since 1970, but his absence in Germany since July had led to growing concern about his health.

The Muscat index climbed 0.6 percent as most traded stocks rose. Bank Muscat was the main support, jumping 2.7 percent to 0.528 rial. NBK Capital this week updated the stock's fair value estimate to 0.770 rial following a bonus share issue, with a "buy" recommendation.

Elsewhere in the Gulf, Dubai climbed 0.7 percent as builder Arabtec rose 1.2 percent after winning a $283 million contract from Saudi Aramco to build 380 villas in Saudi Arabia.

National Bank of Abu Dhabi, up 1.3 percent, supported that emirate's market, which climbed 0.4 percent. Aldar Properties, which will register shareholders for a dividend payment on Thursday, jumped 3.8 percent.

Qatar's index edged up 0.3 percent on the back of lenders Qatar National Bank and Qatar Islamic Bank , up 2.1 and 1.1 percent respectively. Kuwait edged down 0.3 percent.

Arabian Business: why we're going behind a paywall

For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.