Oil prices help Gulf Arab exchanges get back on track

10:03, July 22, 2010      

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Thanks to oil prices edging above 78 U.S. dollars per barrel Wednesday, Saudi Arabia's Tasi index added 0.35 percent and closed at 6,089.95 points.

The Saudi stock market Tasi, which is closed on Thursday, lost 0.71 percent over this week, but avoided a decline below the psychological important barrier of 6,000 points.

Sabic, the world's largest petrochemical firm, gained 2 percent and closed at 86.5 Saudi riyals (22.49 dollars). Sabic was also the most liquid stock in Riyadh as it traded shares worth 547.1 million Saudi riyals (142.24 million dollars).

Kuwait's stock market KSE closed at a one-month high, advancing 1.12 percent to 6,567 points. Investors continued to buy shares of investment bank Global Investment House, which increased 8.92 percent in value ending at 0.061 Kuwaiti dinar (0.21 dollar).

Bank of Kuwait traded the most. The leading bank of the northern Gulf state traded shares worth 6.7 million Kuwaiti dinars (23.11 million dollars) and added 3.4 percent to 1.22 Kuwaiti dinar (4.2 dollars).

Qatar's QE Index stabilized, closing 0.32 percent higher at 6, 957.38 points.

In Abu Dhabi, the ADX General Index lost 0.29 percent, closing down 0.29 percent at 2,536.1 points. The sheikhdom's largest bank National Bank of Abu Dhabi fell 1.81 percent to 11.3 dirhams (3.08 dollars). Aldar Properties, the market leader in real estate development, ended flat at 2.57 dirhams (0.7 dollar).

According to Dubai-based investment bank EFG Hermes, local and Arab investors sold while foreign investors bought.

Dubai's DFM index topped the Gulf region's capital markets, surging 1.43 percent to 1,531.36 points.

Source: Xinhua


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