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Gulf stays resilient 
as global
shares fall

DUBAI — Jittery investors gave back the day’s gains in UAE markets on weak volumes and interest from institutional buyers remains muted on Tuesday.

The Dubai’s benchmark index edged higher 0.03 per cent to close at 1,460.69 points and Abu Dhabi’s main index eased 0.01 per cent to 2,583.70 points, a fresh three-week low.

“UAE markets are correlated more on the downside but we have sort of found a level here,” said Matthew Wakeman, EFG-Hermes managing director for cash and equity-linked trading.

“We’re moving sideways until a catalyst (to pull them higher). This is a situation where there are not a lot of volumes, not a lot of institutional, just local retail driven activity.”

In regional markets, Qatar’s large-caps helped lift the index, recouping some of Monday’s losses as local investors stepped in despite the fragile sentiment on world stocks.

The benchmark ended 0.5 per cent higher at 8,334 points, with local fundamentals overriding fears of a Greek default and European banks slipping back into a crisis.

“There is a lot of interest into (stock) weakness,” said Wakeman. “There has been some institutional selling but demand locally is keeping it at current levels. There’s a good (economic growth) story there,” he added.

Saudi shares rose the most in almost a week. The Tadawul All Share Index rose 0.4 per cent, the most since September 7, to 6,062.61 points, trimming a drop in the past month to 1.5 percent. The market has slumped 7.8 so far this quarter on investor worries that global economic growth may slow.

Elsewhere, Oman’s MSM 30 Index advanced 0.3 per cent and Bahrain’s gauge gained 0.1 per cent. Qatar’s QE Index and the Kuwait Stock Exchange Unweighted Index rose 0.5 per cent. The Bloomberg GCC 200 Index of the region’s stocks increased 0.4 per cent.