Saudi, Bahrain stocks firm, others drop

21/11/2011 00:00 AST

Gulf markets stayed mixed Sunday with only Saudi Arabia and Bahrain closing in positive territory.

World stocks fell Friday as many investors continue to fear a spread of the euro zone debt crisis into core European economies.

Saudi stock benchmark Tadawul All Share Index gained 0.13 percent to 6,207.02 points, while Bahrain measure rose 1.2 percent to 1,183 points.

Elsewhere, Dubai index dipped 0.9 percent to 1,367 points.

Abu Dhabi index dropped 0.5 percent to 2,461 points.

Kuwait measure fell 0.6 percent to 5,825 points.

Qatar benchmark eased 0.5 percent to 8,704 points. Oman index declined 0.4 percent to 5,499 points.

In Dubai, Emaar Properties fell 2.6 percent, the main drag on the index, which made its largest decline in three weeks.

In Abu Dhabi, the index slumped to a four-week low and Qatar also ended lower as some investors cut their exposure to regional equities.

“Investors are cautious because of the external backdrop, particularly the euro zone situation,” added EFG’s Bruce.

“(UAE) turnover was a little bit better, which indicates there are some buyers accumulating in select names, but these are exercising caution and are predominantly local rather than Western institutions.”

In Kuwait, the benchmark also ended lower, dropping 0.6 percent to its lowest close since Oct. 5 as domestic political unrest weighed on sentiment.

Kuwait’s emir ordered security forces on Thursday to “take all measures” to maintain public order after protesters stormed parliament demanding the resignation of the prime minister over alleged corruption.

Logistics provider Agility fell 5.1 percent and National Real Estate Co plunged 6.8 percent.

“Agility and related companies had a fantastic run based on a variety of unsubstantiated rumours, but Kuwait is now seeing more serious protests than it had previously, which has given investors an excuse to start selling off these names,” said Julian Bruce, EFG-Hermes director of institutional equity sales. “This is spreading to the rest of the Kuwait market, even into well-supported names like National Bank of Kuwait.”

Saudi Gazette