JEDDAH/DUBAI: Most Gulf Arab markets rebounded from milestone lows on Tuesday, gaining momentum from better-than-expected Saudi banks’ results, resurgent global equities and a turnaround in oil prices. Dubai’s index made the biggest gain, rising 3.8 percent, Kuwait claimed its largest-day advance for more than three months and Oman ended a seven-session losing streak.
Saudi Arabia’s Tadawul All-Share Index (TASI) rose 2.4 percent to 5,577 points as better-than-expected bank results boosted sentiment and steadying oil prices lifted petrochemical stocks. Almost all sectors climbed on Tuesday, with sector gains ranging from 0.22 percent in the Insurance to 3.22 percent for Banks & Financial Services. The only sector to close with a loss on Tuesday was the Cement sector, which closed with a drop of 0.25 percent. Otherwise, there was an improved liquidity and a positive market breadth, with 106 advancers and 17 decliners, giving an AD ratio of 6.2, the Jeddah-based Financial Transaction House (FTH) said on Tuesday.
The Kuwait index climbed 1.9 percent to 7,512 points. The Dubai measure rose 3.8 percent to 1,692 points and the Abu Dhabi index climbed 1.8 percent to 2,607 points. The Qatari index rose 2.6 percent 5,882 points, its largest one-day gain for six weeks.
The Omani index rose 1.6 percent to 5,350 points, while, the Bahraini index fell 0.8 percent to 1,486 points, its fourth straight loss and a fresh two-year low.
— With input from agencies