Reuters logo
MIDEAST STOCKS-Most Gulf bourses end higher on global strength
November 13, 2011 / 6:31 PM / 6 years ago

MIDEAST STOCKS-Most Gulf bourses end higher on global strength

DUBAI, Nov 13 (Reuters) - Gulf Arab bourses saw mixed trade on Sunday but a rally in global markets late last week provided some comfort for the region after an Italian vote on economic reforms eased concerns that its debt burden would jeopardise the euro zone’s future.

Construction and real estate stocks boosted bourses in the United Arab Emirates with Dubai’s Arabtec climbing 3.7 percent and leading the emirate’s bourse 0.7 percent higher.

“We’re taking the good news from global markets,” said Haissam Arabi, chief executive and fund manager at Gulfmena Investments.

“There is positive sentiment in most GCC markets and Saudi got off to a good start yesterday after Eid but the markets are being careful and we are not seeing huge volumes.”

Dubai’s Drake & Scull International advanced 1.7 percent after reporting a 76-percent increase in third quarter net profit earlier on Sunday.

“Until now you don’t have a lot of reaction on results, even if they are far above consensus -- the price action is limited,” said Sebastien Henin, portfolio manager at The National Investor.

“I don’t see from where we can have a positive catalyst in the UAE.”

Abu Dhabi’s main index rose 0.6 percent to 2,492 points driven by Dana Gas -- the usual target of retail investors -- which increased 3.8 percent.

Saudi Arabia ended higher for a second day following the Muslim Eid holiday, rising late in the day to recover from earlier weakness.

Heavy weight Saudi Basic Industries Corp (SABIC) edged 0.3 percent higher.

Oman and Kuwait both fell but losses were modest.

Muscat’s main measure slipped 0.1 percent with Galfar Engineering easing 2.2 percent.

Oman Telecommunications Co (Omantel) ended flat after reporting a 25-percent rise in third quarter net profit which fell slightly short of analysts estimates.

Egypt’s main index fell 1.9 percent to 4,299 points as some investors sold ahead of a planned mass rally by Islamists in Cairo on Friday to protest at a government attempt to lay down rules for a new constitution.



* The index climbed 0.7 percent to 1,393 points


* The measure rose 0.6 percent to 2,492 points


* The benchmark increased 0.4 percent to 8,742 points


* The benchmark edged 0.1 percent higher to 6,257 points


* The index eased 0.1 percent to 5,566 points


* The index fell 1.9 percent to 4,299 points


* The benchmark eased 0.7 percent to 5,868 points


* The measure was unchanged at 1,154 points.

Reporting by Jason Benham; Editing by Firouz Sedarat

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below