| DUBAI, June 25
DUBAI, June 25 Some Middle East bourses rose on
Tuesday, clawing back part of their early-week losses as bargain
hunters bought back bluechip stocks, although trading volumes
were thin as a summer lull deepened.
Saudi Arabia's benchmark rose 0.2 percent, extending
2013 gains to 10.5 percent.
Al Rajhi Bank added 0.4 percent and property
developer Dar Al Arkan rose 1.9 percent.
Turnover has slumped, with some investors on summer vacation
and others awaiting catalysts to justify committing new money to
Markets in the United Arab Emirates ended a three-session
losing streak, with Dubai's measure and Abu Dhabi's
index both up 0.4 percent.
"The pull-back has brought prices back to levels where
people who haven't looked at Dubai can get in - this will bring
buying interest but maybe not as sharply as before," said Amer
Khan, fund manager at Shuaa Asset Management.
Khan said investors would be cautious ahead of Ramadan, the
Muslim month of fasting, which is due to start on July 8.
Gulf market activity usually drops in the summer as many
people leave the region to escape the scorching heat.
Heavyweights Emaar Properties and telecom operator
Etisalat rose 0.4 and 2.7 percent respectively.
In Kuwait, the index slipped 0.2 percent, its fifth
decline in six sessions.
The market is still up 33.6 percent in 2013; a move mainly
driven by local retail investors buying as the political and
economic outlook improved.
Retail traders have cut positions this week, with
institutional and longer-term investors buying on hopes the
government would soon announce mega-projects as part of
long-delayed $30 billion development plan, according to
Abdulateef Alabdulrazaq, senior trader at NBK Capital.
"The market is correcting after big year-to-date gains and
volumes are lower - it should come back after Ramadan if
development projects are announced," he said.
Large-caps drop, with telecom operator Zain and
logistics firm Agility down 1.5 and 4.2 percent
Elsewhere, Egypt's benchmark added 0.2 percent, up
from Monday's one-year low.
Foreign investors were net sellers and regional investors
were net buyers, according to bourse data.
Trading is slim, evidence of a risk-averse attitude ahead of
protest rallies planned for June 30 - the first anniversary of
President Mohamed Mursi taking office.
Qatar's exchange was closed for a bank holiday to mark the
Gulf state's emir handing over power to his son.
A recovery on global shares also helped sentiment after
comments by U.S. and Chinese central bankers eased concerns
about liquidity conditions.
* The index climbed 0.2 percent to 7,517 points.
* The index gained 0.4 percent to 2,266 points.
* The index advanced 0.4 percent to 3,539 points.
* The index slipped 0.2 percent to 7,926 points.
* The index fell 0.6 percent to 6,314 points.
* The index rose 0.2 percent to 4,534 points.
* The index fell 0.3 percent to 1,194 points.