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Bargain-hunting lifts Saudi Arabia; Kuwait edges down
RIYADH — Bargain-hunters powered the Saudi bourse to a higher close on Monday, while investors in Kuwait sold shares to buy into a rights issue and prepare for an anticipated IPO in the telecom sector.
Bourses in Abu Dhabi and Dubai logged moderate gains as property stocks recovered some losses after news earlier this months of an investigation involving two former executives of a Dubai mortgage lender cast a pall on the sector.
Qatar's benchmark was the region's biggest gainer led by financial and real estate stocks, recouping some losses it made earlier this month. Oman Telecommunications Co (Omantel) boosted Oman's shares to a higher close as investors continued to pile into the firm on expectations the government will recieve a hefty premium for the 25 per cent Omantel stake it plans to sell.
Qatar
The index closed 1.46 per cent higher at 11,091.94 points. "I don't think this rise will continue because this is the summer season and foreign institutions are not buying ... Big institutions are still selling," said Amro Motasim, chief trader at Ahli Bank. "Most of the trade is by local retail investors while foreign institutions are selling because they think the market is still overvalued," Motasim said. The market's heavyweight Qatar Industries rose 0.73 per cent, while Qatar Commercial Bank added 3.1 per cent and Barwa Real Estate ended 1.8 per cent higher.
Oman
Oman's main index closed to its fifth consecutive gain edging up 0.35 per cent to 10,468.56 points. The measure is up almost 15.5 per cent to Sunday's close. "Omantel was the key driver of today's rise ... Rumours suggest that the government will sell the 25 per cent stake in the firm at around 3 riyals. We are seeing strong accumulation on this stock," said Adel Nasr of United Securities. Omantel rose 3.1 per cent to 2.135 riyals. It was the second most active stock after newly listed Sohar Power which ended about 38.5 per cent above its listing price.
Galfar Engineering and Contracting Co was among the top gainers, closing up 3.3 per cent. "Galfar rose on rumours it has won a contract in the southern region," Nasr said.
Saudi Arabia
Saudi Arabia's index closed higher for a sixth consecutive session. The gains came in the last 30 minutes of the session. Saudi Basic Industries Corp and Saudi Telecom rose 0.63 per cent and 2.36 per cent respectively.
The benchmark added 0.65 per cent to 8,411.40 points.
Kuwait
Kuwait's index, the Gulf's best performer to Sunday's close, inches down 0.11 per cent to 14,622.50 points. The index is up almost 17 per cent this year. Kuwait Real Estate Co. fell 1.25 per cent and Kuwait International Bank < slid 1.92 per cent.
Bahrain
The index fell 0.63 per cent to 2,722.12 points. Albaraka Banking Group shed 0.34 per cent and Ahli United Bank lost 1.64 per cent.
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