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Most Gulf stock markets rise on improved sentiment
Source: BI-ME and agencies , Author: BI-ME staff
Posted: Sun April 5, 2009 12:35 pm
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UAE. Most Gulf stock markets rose in early Sunday trading, after world leaders increased aid for economies and oil remained above US$50 a barrel.
Equities were also buoyed by improving local and international sentiment and Saudi Arabia's 5.3% surge on Saturday.

The Dubai Financial Market General Index rose 3.27% to 1635 at 11.14am local time. Abu Dhabi’s measure added 2.5%, Kuwait’s index gained 2.73%, the Doha Securities Market Index jumped 5.45%, and Muscat securities Market gained 2.55%

Emaar Properties, the biggest property developer in the UAE, gained 7.6 to AED2.54, the highest since 12 January. Aldar Properties rose added 9.8% to AED3.26 . Qatar National Bank, Qatar's biggest bank, added 5.5% to QAR100 the hihest since 19 January.

Dubai Islamic Bank added 5.2%, Dubai Financial Market is up 6.15 and Dubai Investments up 3.6%.

“Gulf markets continue to follow the strong performance of U.S. markets and oil remains resilient above $50 a barrel,”  Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital,told Bloomberg. “U.A.E. investors are looking at signs of the mortgage market beginning to pick up as banks such as HSBC start to confirm lending for certain developments,” he said.

Crude oil for May delivery settled the week at US$52.51 a barrel on the New York Mercantile Exchange. Oil has risen 13 cents this week, for a seventh consecutive gain. That’s the longest stretch of increases since July 2007. Prices are up 18% this year.

The Tadawul All Shares index was down 0.35% after surging 5.3% in the previous session.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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