Gulf markets upbeat as volatility eases

11/03/2011 00:00 AST

Gulf Arab markets edged higher yesterday, extending a week-long rebound as investors became more comfortable with heightened geopolitical risk and stock volatility eased.

Dubai’s measure climbed 0.5% to 1,450 points. Abu Dhabi rose 0.4% to 2,617 points.

Oman’s index climbed 0.5% to 6,335 points. Kuwait’s benchmark rose 1.1% to 6,287 points. Bahrain’s measure edged up 0.1% to 1,411 points.

“The market was overdone to the downside, so we saw a strong rebound and it will return to levels where daily moves of 1 to 2% will again be the norm,” said Robert Pramberger, acting head of asset management at Doha’s The First Investor. “When people are less worried, more long-term investors will come in.” “

The fundamental factors that underpin growth prospects are still intact, given the high oil prices and the ambitious economic and social programs put forth by the regional governments,” said an analyst.


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