JEDDAH/DUBAI: Most Gulf Arab bourses edged higher in low volumes yesterday as investors took heart from greater stability in the region’s markets and signs of improved economic prospects.
The Abu Dhabi benchmark rose more than 1 percent, while in Dubai, the index gained 1.79 percent, lifted by Emaar Properties, which rallied 2.8 percent. Qatar’s main index, the region’s second worst-performing bourse so far this year, gained 1.44 percent. Saudi Basic Industries Corp. (SABIC) gained 2.71 percent, lifting the Saudi bourse to close up 0.65 percent.
Abu Dhabi’s main index ended up 1.04 percent at 2,592 points, having risen more than 8 percent since the start of the year.
The Dubai index ended 1.79 percent higher at 1,646 points.
The Muscat index closed up 0.95 percent at 5,386 points. The benchmark has ended lower four out of the past five trading sessions. The Doha benchmark closed up 1.44 percent 6,558 points, ending two days of losses.
Kuwait’s main index ended up 0.89 percent at 7,727 points.
The Tadawul All-Share Index (TASI), the region’s best-performing bourse so far this year, ended up 0.65 percent at 5,980 points.
Almost all sectors contributed to this gain, except the Real Estate sector, which was down 0.02 percent. Other sector gains ranged from 0.04 percent for the Banks & Financial Services sector to 2.24 percent in the Insurance sector. Liquidity was slightly improved yesterday at SR8 billion. Market breadth remained positive, with 89 advancers and 27 decliners registering an AD ratio of 3.30, the Jeddah-based Financial Transaction House (FTH) said in its daily report about the Saudi stock market.
“The index is maintaining a horizontal move within a range of about 280 points with some type of positive bias as the index is trying to digest recent strong gains before any attempt to assault new higher levels above the previous high of 6,078,” Faisal Alsayrafi, managing director and CEO of FTH, said.
“Saudi Arabia has started to see lots of talk that the banking sector has started to lend again in a big way,” said Alfred Fayek, director of the GCC institutional desk team at EFG-Hermes.
— With input from agencies