Dubai: The Middle East was mostly up yesterday on grounds of continued positive sentiment after the year-end stock rally on world markets.
In Qatar, heavyweights Qatar National Bank and Industries Qatar rose, lifting the index as investors build positions in the new year. QNB climbed 1.1 per cent and Industries Qatar gained 1.5 per cent, pushing the benchmark 0.7 per cent higher to 8,742 points. Oman's index also gained, rising 0.8 per cent to 6,806 points on the year's first trading day, with analysts expecting a medium-term rally on the market.
Kuwait and Bahrain bourses were closed yesterday.
In Saudi Arabia, heavyweight Saudi Basic Industries Corp (Sabic) gained but could not lift Saudi Arabia's index which was trading almost flat after hitting an eight-month high on Saturday. Sabic rose 0.5 per cent and Rabigh Refining and Petrochemical Co climbed 1.6 per cent.
Oil prices ended 15 per cent higher in 2010 from the end of 2009 after jumping to a 26-month peak intraday on Friday last week on expectations an improving global economic recovery will fuel demand growth again in 2011 and send prices above $100 (Dh 367) a barrel. The Saudi stock index is flat at 6,657 points.
In Oman, banking stocks rose to get Oman's index to a positive start to the year, after the market ended 6.1 per cent higher in 2010 and analysts expect a medium-term rally. Bank Muscat gained 0.9 per cent and Bank Sohar rose 1.5 per cent, while Omantel added 0.9 per cent, all outperforming the benchmark index.
Optimism in Egypt over plans for an off-budget stimulus package and potential new construction projects kicked off the year's trading on a positive note, but security concerns after a suicide bombing at a church on Saturday and some profit taking after recent gains dampened Sunday's session.
