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DFM and ADX gain; Kuwait hits 15-week high

In the UAE, markets rebounded as bargain hunters stepped in, but these were lower for the week.

Dubai’s index climbed 0.4 per cent, rising from a two-week low, and losing 2.2 per cent since last Thursday and closed at 1,569.50 points. Abu Dhabi index gained 0.2 per cent to close at 2,602.97 points, also easing away from a two-week low. Drake & Scull, the top traded stock on the index, gained 1.2 per cent, Emaar Properties ended flat and courier firm Aramex climbed 1.5 per cent.

Kuwait’s bourse rose to a fresh 15-week high on Thursday on talk of state-linked buying and on hopes the political deadlock in the Gulf state may soon reach a resolution, while other Gulf markets finished mixed.

Large-cap stocks rose in heavy trading. Telecom operator Zain climbed 1.4 per cent, Kuwait Finance House gained 2.7 per cent and Gulf Bank added 1.2 per cent. “There are signs of economic recovery in the UAE, but the medium-term outlook globally is uncertain,” said Ali Adou, portfolio manager at The National Investor.

“There are a lot of unsolved issues in Europe, US and China and governments are trying (with stimulus measures) but these are short-term remedies and not a fix for the underlying problem.”Market sentiment lifted this week on talk the Kuwait government institutions are buying bluechip stocks, helping support the market which is up 5.5 per cent from August’s eight-year low. The index rose 0.8 per cent to 5,991 points, its highest close since June 12. —