Business | Markets
Gulf stock markets close higher following global rally
Most Gulf markets closed higher on Wednesday as positive sentiment appeared to be slowly returning.
- Agencies
- Published: 15:26 October 29, 2008
Dubai: Most Gulf markets closed higher on Wednesday as positive sentiment appeared to be slowly returning.
Except Dubai and Kuwait, five of the seven bourses of the region rose.
The Kuwait Stock Exchange, the second-largest Arab bourse, made a strong comeback at the close after sliding in initial trades.
The KSE Index, which was down 2.6 per cent at one stage, finished just 0.1 per cent lower at 9,676.30 points. It was spurred by a late rally by the leading banking sector, which gained 2.5 per cent.
Trading in Gulf Bank, troubled by losses from derivatives deals, remained suspended for the fourth day running.
The Dubai Financial Market, which opened more than four per cent higher, reversed course just before the finish and ended down 0.5 per cent at 2,917.12 points.
Abu Dhabi Securities Exchange closed up 2.2 per cent, with the key real estate sector 3.5 percent higher and banks adding 1.5 per cent.
Real estate developer and market leader Emaar, which rose 6.5 per cent at one stage, ended down 1.5 per cent.
The Doha Securities Market jumped 5.14 per cent at the close, with all sectors sharply higher, but was still below the key 7,000-point mark.
The Saudi market, the leading bourse in the region, was trading 3.2 per cent higher at midday on around 5,800 points, with all 15 sectors recording gains. The leading petrochemicals sector increased four per cent, with market leader SABIC adding four per cent.
The small Muscat Securities Market gained 2.2 per cent, while the Bahrain Stock Exchange rose 2.1 per cent.
World stock markets continued their strong recovery on Wednesday after the Dow soared nearly 11 per cent in New York a day earlier.
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