Investors buy back beaten-down stocks

05/12/2014 06:38 AST

Most Gulf markets gained on Thursday as some investors started buying back beaten-down stocks after oil prices seemed to have established a floor around $70 per barrel during the week.

Brent crude has rebounded a few times after dipping below that mark and was relatively steady on Thursday after data showed US crude stocks fell more than expected last week as refineries hiked output.

"People are taking the lead from crude and trying to catch the bottom," said Sanyalak Manibhandu, manager of research at NBAD Securities in Abu Dhabi. "What you have is a bit more confidence but I think it's going to be short-lived."

Qatar's benchmark added 1.1 percent in a broad rally and Abu Dhabi's bourse rose 0.8 percent on the back of large lenders Abu Dhabi Commercial Bank and First Gulf Bank, up 4.2 and 2.0 percent respectively.

In Dubai, most shares also rose, but the index fell 0.4 percent because of heavyweight Emaar Properties , which tumbled 7.4 percent, extending its decline since passing the record date for a special dividend on Nov. 30.

Outside the Gulf, Egypt's index added 1.7 percent as property stocks led gains.

Heliopolis Housing surged 6.3 percent, Talaat Moustafa Group rose 3.8 percent and SODIC climbed 3.9 percent.


Reuters

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