DUBAI Nov 6 Saudi Arabia's bourse made its
largest one-day gain in 10 weeks on Tuesday, rallying to a
seven-week high as petrochemicals stocks rose on bargain hunting
and most other Gulf bourses also gained.
Saudi Basic Industries Corp (SABIC), the world's
largest chemicals producer, climbed 2.3 percent, National
Industrialization rose 2.6 percent and Saudi Arabian
Fertilizers added 1.9 percent.
Saudi petrochemical and banking shares suffered heavy losses
after broadly disappointing third-quarter earnings, dragging the
benchmark back to July levels, but analysts said this selling
was overdone and had forecast share prices would recover after
the Eid al-Adha holidays ended on Nov. 2.
"Petchem stocks were hammered with the results and keeping
in mind global markets just opened yesterday and oil is up, this
is opportunity buying," said Tariq Alalaiwat, equity research
analyst at NCB Capital.
Brent crude rose more than $1 a barrel on Tuesday.
Saudi's bank index rose 1.2 percent. Banque Saudi
Fransi and Samba Financial Group were the
main gainers, rising 3.3 and 2 percent respectively.
The kingdom's manin benchmark climbed 1.1 percent to
close at its highest level since Sept. 25.
In Kuwait, the bourse slipped 0.5 percent, declining
for a fourth session in five, although selling pressure appeared
to be easing along with investor fears that political protests
could become more violent.
The index finished about 60 points above Sunday's eight-year
low. Small-caps were hardest hit. Ithmaar Bank fell
5.1 percent, Inovest slipped 2 percent and Gulf
Finance House lost 2.9 percent.
The five largest stocks on the index closed flat. Analysts
said stake-linked funds have been buying bluechip stocks to help
ease broader selling pressure.
In the United Arab Emirates, Dana Gas finished 2.5
percent higher, having risen as much as 5 percent intraday as it
rebounded from Monday's seven-week low. The company said on
Tuesday it is still negotiating a standstill agreement with a
Banks also gained, with Abu Dhabi Commercial Bank
(ADCB) and National Bank of Abu Dhabi climbing 0.9 and
0.4 percent respectively.
Abu Dhabi's benchmark rose for a first session in
three, finishing 0.5 percent higher.
Dubai's index climbed 0.2 percent, easing away from
Monday's one-month closing low.
Telecom operator Du advanced 3 percent, while Emaar
Properties slipped 0.3 percent.
"The results (in the UAE) were mostly neutral to
disappointing so far - the star companies of last four quarters
like Emaar, ADCB, du have came below expectations, while new
players surprised on the upside," said Mohammed Yasin, managing
director of Abu Dhabi Financial Services.
"UNB (United National Bank) looks like it may take that role
in the future, provided they confirm and consolidate their
positions in the coming two quarters," Yasin adds.
Shares in Abu Dhabi's UNB climbed 0.3 percent.
Elsewhere, Qatar and Oman's bourse ended
* The benchmark rose 1.1 percent to 6,919 points.
* The benchmark slipped 0.5 percent to 5,712 points.
* The index climbed 0.5 percent to 2,675 points.
* The benchmark rose 0.2 percent to 1,616 points.
* The index climbed 0.06 percent to 8,570 points.
* The measure edged up 0.01 percent to 5,687 points.
* The index rose 0.6 percent to 1,063 points.