Business | Markets
Gulf stock markets surge amid low-key trading
Stock markets in the Gulf surged on closing on Tuesday as world markets showed further signs of recovery.
- Staff Report
- Published: 16:19 October 21, 2008
- The Dubai Financial Market Index closed up 1.2 per cent on 3.351.37 points.
- Image Credit: Gulf News Archive
Dubai: Stock markets in the Gulf surged on closing on Tuesday as world markets showed further signs of recovery.
However, trading was quiet as investors remained cautious.
The Dubai Financial Market Index closed up 1.2 per cent on 3.351.37 points, after rising more than three per cent in initial trading.
The DMF was supported by its market leader, the property giant Emaar, which gained 2.7 per cent. The real estate sector rose 2.1 per cent.
The other UAE market, the Abu Dhabi Securities Exchange, finished up 3.75 per cent at 3,652.87 points, spurred by the real estate sector which added 3.7 per cent and banks which rose 4.4 per cent.
Doha Securities Market gained 3.15 per cent to close above the 8,000-point mark, while the small Muscat Securities added 1.1 per cent.
The Saudi market, the largest Arab bourse, was trading higher for the second day running after shedding a total of nine percent in the first two days of the working week.
Tadawul All-Shares Index (TASI) was trading up 2.7 per cent on 6,518.21 points, spurred by the leading petrochemicals sector which gained three per cent and banks 1.3 per cent.
Kuwait's Stock Exchange, the second largest in the Arab world, reversed course and closed in positive territory following a drop in initial trade.
The KSE Index finished up 1.7 percent at 11,041.40 points after a recovery by the investment sector which was responsible for pulling the market down on Monday and Tuesday morning.
It was the first increase by KSE following eight sessions of decline.
The small Bahrain Stock Exchange also closed up just 0.16 points.
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