DUBAI: Most Gulf markets rose yesterday as they continued to rebound after recent sharp losses, although sentiment throughout the region remained negative due to concerns of a global economic slowdown. However, the Saudi stock market dropped after rising 337.70 points on Monday. The Tadawul All-Shares Index (TASI) closed 2.6 percent lower at 8,030.69 points.
“7,900 points is a major support level. I don’t expect it to be broken,” said Marwan Shurrab, senior trader at Shuaa Capital. “I expect the market will trade between 7,900 and 9,000 points over the next couple of weeks.”
In Qatar, the benchmark stock index was the region’s best performer, advancing 1.27 percent to 9,894 points and rising for a second day. Muscat’s main index, which is down more than 2 percent so far this year, closed 0.58 percent higher at 8,886.44 points. Abu Dhabi’s main index ended 0.33 percent higher at 4,182 points, rising for a second day.
The benchmark Dubai index closed at 4,481 points, up 0.18 percent.
The Kuwait stock index closed lower for a fourth trading day, easing 0.05 percent to 13,504 points.
Poor performance
The BMG Saudi Index fell 3 percent yesterday to close at 431.17 points. The market witnessed a 35 percent decrease in the daily total turnover to reach SR1.7 billion ($470 million) versus SR2.7 billion ($724 million) registered in Monday’s session.
