DUBAI: Dubai and Doha climbed to 2009 closing highs, while Kuwait suffered its largest one-day decline for four months in the absence of direction from global factors.
Saudi Arabia’s TASI bounced back from Saturday’s decline following a late rally in petrochemical and telecoms stocks.
Resurgent bank stocks helped Dubai’s index climb 2.4 percent. Abu Dhabi’s measure rose 1.8 percent, bolstered by banks and a 3.4 percent surge in Emirates Telecommunications Corp. (Etisalat).
Qatar’s index hit a seven-month closing high as banks made limited gains and laggard Qatar Gas Transport Co. (Nakilat) continued to catch up the rally, up 3.8 percent. Qatar’s index is a favorite regional pick for many brokers, with its strong macroeconomic outlook and robust government support for key sectors helping Doha stocks to be best performers since the end of 2007.
In the Kingdom, Saudi Basic Industries Corp. (SABIC) climbed 2.1 percent to its highest finish for seven months, taking its gains to 113 percent since slumping to a five-year low in early March. TASI rose 0.4 percent to 6,009 points.
“We are maintaining the supports of different medium and long term moving averages, however we continue to take a cautious stand as we think that the market is technically extended therefore, ‘money missed’ is always better than ‘money lost’,”, said the Jeddah-based Financial Transaction House (FTH) in its daily market commentary. Saudi Telecom Co. rose 1.9 percent to SR54.25, tracking sector gains across the Gulf, as EFG-Hermes gave the stock a long-term buy recommendation and a fair value of 86.2 riyals.
Kuwait’s index fell 2.1 percent, its biggest one-day reverse since Feb. 9. Banks were the major losers. Egypt’s index fell slightly, declining for a second session in three, led by property developer Talaat Moustafa Group, which lost 3 percent.
— With input from agencies
