Most Gulf markets gained on Thursday as some investors started buying back beaten-down stocks after oil prices seemed to have established a floor around $70 per barrel during the week. Brent crude has rebounded a few times after dipping below that mark and was relatively steady on Thursday after data showed US crude stocks fell more than expected last week as refineries hiked output.
-- Emaar drags down otherwise strong Dubai
"People are taking the lead from crude and trying to catch the bottom," said Sanyalak Manibhandu, manager of research at NBAD Securities in Abu Dhabi. "What you have is a bit more confidence but I think it's going to be short-lived." Saudi Arabia's index rose 1.8 percent. Major supports included bluechips Saudi Basic Industries, which jumped 3.6 percent, and Al Rajhi Bank, up 1.7 percent.
Telecoms were also strong. Etihad Etisalat (Mobily) jumped 2.4 percent and Zain Saudi surged 9.6 percent, regaining ground lost in the previous day. Both stocks tumbled on Wednesday after Mobily, the kingdom's second-biggest mobile operator, said it was seeking arbitration to obtain 2.2 billion riyals ($586.3 million) owed by Zain Saudi, a claim its smaller competitor subsequently said was unfounded.
Shares in construction firm Abdullah Abdul Mohsin al-Khodari and Sons jumped 6.2 percent after it won a 1.35 billion riyal contract from the government to build staff housing at King Khaled University. Qatar's benchmark added 1.1 percent in a broad rally and Abu Dhabi's bourse rose 0.8 percent on the back of large lenders Abu Dhabi Commercial Bank and First Gulf Bank, up 4.2 and 2.0 percent respectively.
In Dubai, most shares also rose, but the index fell 0.4 percent because of heavyweight Emaar Properties, which tumbled 7.4 percent, extending its decline since passing the record date for a special dividend on November 30. Outside the Gulf, Egypt's index added 1.7 percent as property stocks led gains. Heliopolis Housing surged 6.3 percent, Talaat Moustafa Group rose 3.8 percent and SODIC climbed 3.9 percent.
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