JEDDAH/DUBAI: Gulf Arab markets rallied on Tuesday as investor sentiment was boosted by firmer global stocks, with Dubai rising 1.6 percent a day after an official said the emirate would be able to service its debt by year-end.
Bank stocks lifted Qatar to close up 0.9 percent, while Oman and Abu Dhabi’s bourses both ended around 0.4 percent higher. Saudi Basic Industries Corp lifted Saudi’s index to end up 0.93 percent. The Tadawul All-Share Index (TASI) closed at 6,340.51 points, with only 2 sectors closing negative, namely the Telecom and Insurance, which were down 0.13 percent and 0.41 percent respectively. Otherwise, the thirteen other sectors all saw gains ranging between 0.18 percent in the Real Estate Development, to 3.87 percent in the Energy & Utilities sector. Overall market breadth today was positive, with 89 advancing companies and 30 declining companies giving an AD ratio of 2.97, the Jeddah-based Financial Transaction House (FTH) said on Tuesday.
The Dubai stock index rose 1.6 percent to 2,273 points.
The Kuwaiti index rose 0.8 percent to 7,833 points.
— With input from agencies