Saudi shares bounce 2.1%; Dubai edge up

23/11/2015 06:03 AST

Dubai's index rose 0.5 per cent to 3,290 points in modest turnover on Sunday. Eight of the 10 most heavily traded Dubai stocks rose, with builder Arabtec, the most active stock, up 0.8 per cent.

Abu Dhabi's index edged down 0.2 per cent as telecommunications firm etisalat, to be included in MSCI's emerging markets index at the end of this month, lost 1.2 per cent because of profit-taking. Dana Gas, the most active stock in Abu Dhabi, surged 4.9 per cent.

The Saudi stock index has been rebounding in the last few days from support at November's two-year low of 6,828 points.

On Sunday it added 2.1 per cent to 7,179 points, rising above resistance on the November high of 7,161 points. Saudi Basic Industries added 2.6 per cent.

Elsewhere in the Gulf, Qatar's index dropped 0.2 per cent as petrochemicals and metals producer Industries Qatar slid 1.2 per cent. Oman's market also fell 0.2 per cent in thin trade after credit rating agency Standard & Poor's downgraded Oman's sovereign debt. Kuwait index gained 0.5 per cent to 5,756 points. Bahrain index rose 0.5 per cent to 1,225 points.

Egypt's stock index rose 0.6 per cent, with Palm Hills Development up 2.9 per cent. - Reuters after the al-Borsa newspaper reported the government's New Urban Communities Authority was expected to sign a contract with the firm within days for a major real estate project in New Cairo.

Orascom Telecom Media, the most heavily traded stock, fell 1.5 per cent after the company said it was removing its North Korean subsidiary Koryolink from its consolidated financial statements because sanctions against Pyongyang had affected its ability to operate there.

Khaleej Times