TASI, Kuwait stocks rebound

Author: 
AGENCIES
Publication Date: 
Wed, 2011-07-20 01:04

The benchmark Kuwaiti index rose 0.5 percent to 6,004 points, halting a three-session decline.
National Bank of Kuwait gained 3.7 percent, telecom operator Zain rose 1 percent and Gulf Bank climbed 2 percent.
In Saudi Arabia, the Tadawul All-Share Index (TASI) rose 0.3 percent to 6,441 points.
In Egypt, the main index dipped 0.6 percent to 5,144 points after the prime minister was hospitalized on Monday, delaying the swearing-in of a new Cabinet and adding to an uncertain political outlook.
Commercial International Bank dipped 0.4 percent and Ezz Steel fell 1.4 percent after saying its full-year 2010 profit fell 53 percent. All but five stocks ended lower.
Traders said investors are waiting for more news on Premier Essam Sharaf's illness and whether it further delays the investiture of the reshuffled Cabinet.
In Qatar, the 10 largest stocks fell, dragging the index to a three-week low amid downbeat regional sentiment. Doha's benchmark slipped 0.7 percent to 8,382 points — its lowest close since June 30 as most Gulf Arab markets also dipped weighed by a weak performance in global markets on debt woes.
"Although Q2 reports are coming out above expectations, it seemed to be shrugged off," said a Doha-based trader who declined to be named.
Qatar National Bank and Industries Qatar each fell 0.9 percent, and Qatar Telecom (Qtel) shed 0.3 percent.
"We are noticing selective buying on certain prices. Foreigners remain net sellers on the exchange," the trader said.
World stocks clawed back some recent losses and the euro firmed on Tuesday as investors paused from their selloff of riskier assets triggered by debt crises in the euro zone and United States.
Abu Dhabi's index slumped to a six-week low as banks weighed and Dubai's market fell to its lowest close in July. Abu Dhabi's benchmark slipped 0.4 percent to 2,698 points — its lowest close since June 8.
First Gulf Bank fell 1.1 percent, Abu Dhabi Commercial Bank dropped 1.2 percent and Union National Bank lost 1.7 percent.
Telecom operator Etisalat slipped 0.5 percent, extending declines after reporting a 14.9 percent drop in quarterly net profit on Monday.
Competition in fixed-line services will start by year-end, the UAE regulator said on Tuesday.
Dubai's index dipped 0.7 percent to 1,522 points — its lowest close since June 29.
"I wouldn't be surprised to see some buyers come in as the market goes down. Investors are waiting for better prices," said Sebastien Henin, portfolio manager at National Investor.
The Omani index slipped 0.3 percent to 5,961 points.
The Bahrain measure eased 0.08 percent to 1,317 points.

old inpro: 
Taxonomy upgrade extras: