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08/06/2010 00:00 AST
Kuwait and Qatar shares led gains among Gulf Arab markets as crude oil rose and Federal Reserve Chairman Ben S. Bernanke said the U.S. economic recovery remains intact.
Kuwait Finance and Investment Co., an investment banking and asset management company, jumped the most since March 11. Burgan Bank SAK, the Kuwaiti lender, increased the most in almost four weeks. Emirates Integrated Telecommunications Co., the Dubai-based phone and Internet company known as Du, rose for a second day. The Kuwait Stock Exchange Index gained 0.6 percent, the biggest intraday advance since May 12, to 6,705 at 10:50 a.m. in Kuwait City. The Bloomberg GCC 200 Index of 200 companies in the Gulf gained for a second day.
Bernanke is “stating the reality, and if investors are prepared to react to the statement accordingly then that’s a good sign,” said Paul Cooper, managing director at Sarasin- Alpen & Partners Ltd. in Dubai, which manages more than $500 million in the Middle East.
The recovery in the world’s largest economy is “moderate- paced” and Europe’s policy makers “are committed to avoiding default in Greece” and elsewhere, Bernanke said during a question-and-answer session yesterday with ABC News in Washington. Stocks in Asia and Europe snapped a two-day losing streak after Bernanke’s comments helped boost investor confidence. The euro strengthened from an eight-year low against the yen.
‘Ideal’ Crude Prices
Crude oil rose for the first time in three days. Crude for July delivery climbed as much as 74 cents to $72.18 a barrel on the New York Mercantile Exchange, and was at $72.11 at 8:45 a.m. London time.
Oil will likely remain near its “ideal” price of $75 a barrel, Saudi Arabian Oil Minister Ali al-Naimi said in an interview on May 18 with consultants Petroleum Policy Intelligence. The six Gulf Cooperation Council countries, including Kuwait and the United Arab Emirates, hold about 40 percent of global proven oil reserves, according to data compiled by Bloomberg.
“It’s good to remind people that this region can generate budget surpluses very easily if oil is at around about $75 a barrel,” Cooper said.
Kuwait Finance and Investment soared 7.1 percent to 75 fils after the company reached an accord with all its lenders to restructure 145 million dinars ($495 million) of debt over a five-year period. Burgan Bank rose 3.3 percent to 310 fils. The bank’s shareholders approved selling as much as 140 million dinars of bonds.
Du climbed 1.5 percent to 2.07 dirhams after Chief Executive Officer Osman Sultan said the outlook for the company is “bright.” Sultan said he expects a 1 billion-dirham ($272.3 million) share sale to be completed in coming days.
Qatar’s QE Index gained 0.7 percent and Oman’s Muscat Securities Market 30 Index rose 0.3 percent. The DFM General Index advanced 0.1 percent. Abu Dhabi’s index lost 0.2 percent and the Saudi Tadawul All Share Index declined less than 0.1 percent.
Bloomberg
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
RIBL | 13.83 | 1,519,548 |
JARIR | 177.89 | 111,251 |
STC | 83.41 | 257,644 |
DARALARKAN | 13.47 | 74,648,349 |
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