JEDDAH/DUBAI: Middle East markets were mixed yesterday, with firmer global stocks helping Dubai and Qatar rebound, while Egypt and Abu Dhabi declined as investors across the region trade from a short-term perspective.
Dubai’s index surged 3.7 percent, clawing back some of Tuesday’s 5.9 percent fall, Kuwait made its largest one-day gain this month and Saudi Arabia and Qatar stocks rose. The Dubai index closed at 1,908 points.
A positive trading session to end the week in Saudi Arabia. After reaching an intraday high of 5,657.15, the market was unable to maintain such strong gains, and instead closed with a moderate gain of 30.07 points, 0.54 percent, at 5,609.02.
Nonetheless, the majority of sectors managed to close with gains, with only 3 sectors closing with losses ranging from 0.30 percent (Petrochemical Industries) to 3.57 percent (Hotel & Tourism). On the other hand, the top gaining sector was the Retail sector which closed with a gain of 2.91 percent. Overall market breadth was positive, with 74 advancers and 46 decliners recording an AD ratio of 1.61, the Jeddah-based Financial Transaction House (FTH) said.
— With input from agencies