Gulf stocks rise on global rally
Wednesday, 26 November 2008
KUWAIT CITY, Nov 25: Stock markets across the oil-rich Gulf region traded higher Tuesday after days of losses, buoyed by a rally in global shares on the back of stimulus packages and rescue plans, according to Internet.
All but one of the seven bourses in the Arab states of the Gulf rose, led by Dubai, but the initial surge subsided as investors turned to profit-taking, traders said.
The Saudi Tadawul All-Shares Index (TASI), the only Gulf market to rise Monday, was trading up just 0.50 per cent at 4,551 points after rising by 3.15 per cent in initial trades.
The TASI, which surged 6.20 per cent Monday after two days of heavy losses, was supported by the leading banks sector which rose 1.10 per cent. The petrochemicals sector was almost unchanged after initially rising.
In the United Arab Emirates, the Dubai Financial Market closed up 2.60 per cent at 1,862.37 points, after surging 5.60 per cent to above 1,900 points following three days of massive losses.
The market leader, real estate developer Emaar, rose an impressive 12.20 per cent in early trades but closed up just 3.60 per cent. The giant construction firm Arabtec however gained the maximum 15 per cent.
Its sister market, the Abu Dhabi Securities Exchange rose 1.1 on the back of a 4.50-per cent gain by the leading real estate sector. Energy rose 3.10 per cent while banks dropped 0.70 per cent.
The two markets appear to have finally reacted to a flurry of statements by Dubai government officials that the financial position of the emirate was assuring, despite an 80-billion-dollar debt on the government and its firms.
The Kuwait Stock Exchange, the second largest in the region, finished up 0.45 per cent at 8,683.60 points, spurred by a 2.60 per cent gain by the leading banking sector.
The market apparently ignored a fresh political crisis between the emirate's government and parliament, even as MPs said the ruler was to dissolve parliament later Tuesday.
Doha Securities Market rose 0.70 per cent, while Muscat Securities Market edged up 1.40 per cent. Bahrain Stock Exchange was the only one that ended the day in the red, declining 1.10 per cent.
Meanwhile, Ministers from oil-rich Gulf states held talks Tuesday on the state of their economies in the face of the global crisis that has sent crude prices plunging, and the pace of planned regional integration.
All but one of the seven bourses in the Arab states of the Gulf rose, led by Dubai, but the initial surge subsided as investors turned to profit-taking, traders said.
The Saudi Tadawul All-Shares Index (TASI), the only Gulf market to rise Monday, was trading up just 0.50 per cent at 4,551 points after rising by 3.15 per cent in initial trades.
The TASI, which surged 6.20 per cent Monday after two days of heavy losses, was supported by the leading banks sector which rose 1.10 per cent. The petrochemicals sector was almost unchanged after initially rising.
In the United Arab Emirates, the Dubai Financial Market closed up 2.60 per cent at 1,862.37 points, after surging 5.60 per cent to above 1,900 points following three days of massive losses.
The market leader, real estate developer Emaar, rose an impressive 12.20 per cent in early trades but closed up just 3.60 per cent. The giant construction firm Arabtec however gained the maximum 15 per cent.
Its sister market, the Abu Dhabi Securities Exchange rose 1.1 on the back of a 4.50-per cent gain by the leading real estate sector. Energy rose 3.10 per cent while banks dropped 0.70 per cent.
The two markets appear to have finally reacted to a flurry of statements by Dubai government officials that the financial position of the emirate was assuring, despite an 80-billion-dollar debt on the government and its firms.
The Kuwait Stock Exchange, the second largest in the region, finished up 0.45 per cent at 8,683.60 points, spurred by a 2.60 per cent gain by the leading banking sector.
The market apparently ignored a fresh political crisis between the emirate's government and parliament, even as MPs said the ruler was to dissolve parliament later Tuesday.
Doha Securities Market rose 0.70 per cent, while Muscat Securities Market edged up 1.40 per cent. Bahrain Stock Exchange was the only one that ended the day in the red, declining 1.10 per cent.
Meanwhile, Ministers from oil-rich Gulf states held talks Tuesday on the state of their economies in the face of the global crisis that has sent crude prices plunging, and the pace of planned regional integration.