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Gulf shares track Global strength, Bahrain ends lower
Released on - Wednesday,04 November , 2009 -16:17 14
Riyadh - Saudi Arabia's bourse closes higher in line with most regional markets which tracked strength in international shares.
Saudi Basic Industries Corp (SABIC) leads gains, rising 2.5 percent while Al Rajhi Bank advances 1.4 percent.
The kingdom's index rises 1 percent to 6,343 points.
"On a local level, fundamentals seem very sound, but the Saudi investor always has one eye on what happens abroad, and more specifically in the U.S," says Fouad Dajani, vice president at Credit Suisse Saudi Arabia.
"Fundamentally, there are so many decent opportunities if investors are prepared to keep positions for three to six months," says Dajani.
Volatile trading in Emaar Properties continues as the builder of the world's tallest tower ends 6.2 percent higher, helping boost Dubai's benchmark.
The index rises 3 percent to 2,138 points, as financial shares also provide support.
Abu Dhabi rises in line with regional bourse strength, with the index edging 0.1 percent higher to 2,951 points. Aldar Properties climbs 2.3 percent.
Kuwait records its biggest one-day gain since Sept. 27, driven by banks, while Industries Qatar and Qatar Gas Transport Co (Nakilat) power that country's index to a higher close.
National Bank of Kuwait rallies 5.3 percent and Boubyan Bank jumps 5.9 percent. Boubyan has said it had a 5.5-million dinar net loss in the third quarter.
Kuwait's index ends 1.2 percent higher at 7,330 points.
Qatar's bourse edges 0.4 percent higher to 6,958 points as Industries and Nakilat both gain 0.9 percent.
Raysut Cement leads Oman to a higher close as most Gulf Arab bourses rise on strength in international stock markets.
Raysut rises 1.4 percent to 1.522 rials a share as Muscat's measure edges 0.1 percent higher to 6,336.9 points, advancing for a second trading day in seven.
Raysut's plant can now operate at full capacity following a gearbox issue over the past three quarters, SICO said in a research note on Wednesday, citing the firm's management.
This would result in higher capacity utilisation and lower cement imports in the fourth quarter, which would impact margins positively, SICO said.
SICO gave the stock a long-term neutral rating and target of 1.53 rials.
Bahrain's index is the only bourse in the region trading lower.
Source: Reuters