Gulf markets up on Saudi reassurance

Dubai - Dubai investors bid up property stocks, hoping that companies would announce positive news at an annual industry exhibition.



By Reuters

Published: Tue 8 Sep 2015, 12:00 AM

Last updated: Tue 8 Sep 2015, 9:42 AM

Most Gulf bourses edged up on Monday on mostly positive domestic news, shrugging off weaker oil prices, while Egypt fell after a string of announcements that dampened investor sentiment.
The main Saudi stock index rose 0.7 per cent and food maker Savola Group was one of the main supports, surging 4.0 per cent.
Dubai investors bid up property stocks, hoping that companies would announce positive news at an annual industry exhibition. The emirate's index rose 0.5 per cent at 3,558.82 points with developer Damac, the most traded stock, jumping two per cent and the runner-up, builder Arabtec, surging 3.8 per cent.
Abu Dhabi slipped 0.5 per cent, although local developer Aldar Properties rose 1.3 per cent.
In other regional markets, Qatar's bourse added 0.4 per cent, largely because of Qatar National Bank which rose 1.3 per cent.
Egypt's main index edged up in early trade but then turned negative in a broad sell-off after a series of negative news announcements. It closed 1.5 per cent down at 7,167 points. Talaat Moustafa Group tumbled 6.0 per cent.
The country's central bank said on Monday that its foreign currency reserves had fallen to $18.1 billion from $18.5 billion.
Kuwait's benchmark index rose 0.8 per cent to 5,710 points and Oman measure climbed 0.5 per cent to 5,772 points. Bahrain's main index slipped 0.2 per cent to 1,294 points.


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