UAE markets rose, with traders increasingly betting the country's safe haven status will boost stocks. Dubai's benchmark hit a month-high, while Abu Dhabi volumes hit a three-month peak, Reuters said.
Emaar Properties and Emirates NBD, Dubai's two top stocks, rose 1.7 and 1.3 percent respectively.
The Dubai index rose 1 percent to 1,521 points. The Abu Dhabi rose 0.6 percent to 2,630 points.
Saudi Arabia’s Tadawul All-Share Index (TASI) slipped 0.2 percent to 6,344.69 points. The sector activity for the day was mixed with 9 out of 15 with lose ranging from 0.04 percent by the Agriculture & Food Industries sector to 0.83 percent by the Real Estate Development sector. On the other hand the gaining sectors ranged from 0.01percent by the Banks & Financial Services sector and the Building & Construction sector to 1.22 percent by the Hotel & Tourism sector. The overall market breadth for the day was negative with 60 advancers against 69 decliners giving it an AD ratio of 0.86, the Financial Transaction House (FTH) — licensed by the Capital Market Authority — said in its daily market report.
The stock market turnover for the day reached SR4.37 billion.
Saudi Basic Industries Corp. (SABIC) fell 0.5 percent, weighing on the petrochemicals index, which eased from Monday's five-week high.
"The Q1, 2011 earnings season will drive the action in the coming weeks as investors refocus their attention on fundamentals," Reuters quoted Amro Halwani of Shuaa Capital in Riyadh as saying.
"Oil has had a pretty outstanding performance year-to-date, which could only mean good news for Saudi petrochemicals, and a lot of value-driven investors are taking positions in the expectation of a positive quarter," he said.
Kuwait's index hit a week high, as its largest lenders rose. The index rose 0.3 percent to 6,330 points. National Bank of Kuwait gained 1.7 percent and Kuwait Finance House added 1.9 percent.
The Qatar index slipped 0.07 percent to 8,335 points. The Omani index climbed 0.4 percent to 6,394 points. The Bahraini measure rose 0.7 percent to 1,411 points.
