Saudi and Dubai markets rebounded slightly on Wednesday from the previous day's sell-off but concerns about the impact of the European debt crisis and falling oil prices dampened investor sentiment. Most other regional fell, with Qatar's bourse seeing the biggest single-day drop in a week and Abu Dhabi's market falling for a ninth straight session. Saudi Arabia's benchmark rose 0.6 percent to 6,001 points. Dubai's index rose 1.2 percent to 1,550 points. Kuwait's index gained 0.08 percent to 6,709 points. Banking stocks helped a rebound in Saudi Arabia's index. Samba Financial Group rose 3.4 percent, Riyad Bank rose 2.7 percent and Saudi Hollandi Bank added 2.2 percent. The stocks had fallen on Tuesday following a report in which HSBC cut its profit-growth estimate for Saudi lenders. “There is some value in Saudi banking stocks. No one can deny that,” said Saleh Al-Onazi, vice-president of principal investment at Swicorp in Riyadh. Abu Dhabi's measure eased 0.1 percent to 2,550 points. Qatar's index fell 1.4 percent to 6,737 points. Oman's measure fell 0.4 percent to 6,183 points. Bahrain's index eased 0.4 percent to 1,416 points. “Institutional support is not significant and global concerns are still a major factor for the markets. The fundamentals haven't changed,” said Marwan Shurrab, vice-president and chief trader at Gulfmena Alternative Investments. Oil prices slid towards $72 a barrel and looked set for a third straight session of losses, while world equities slipped on concerns about the impact of the euro zone debt crisis on global growth. “It's key for oil prices to stay above $72. Any drop beyond those levels will likely result in more volatility and sell off,” Shurrab said. Qatar's index, which held up amid a regional sell-off on Tuesday, fell 1.4 percent, led by Industries Qatar and Qatar Gas Transport (Nakilat) which fell 2.1 percent each. Dubai's index rose 1.2 percent on bargain-hunting by small investors. Developer Deyaar climbed 5.4 percent, while investment bank Shuaa Capital rose 4.8 percent. In Abu Dhabi, Emirates Telecommunications Corp (Etisalat) fell 0.5 percent, while the index dropped 0.1 percent to 2,550 percent. Kuwait's index edged up for the second straight session, helped mainly by Commercial Bank of Kuwait which rose 6.3 percent. Oman closed lower for the third straight session, tracking weak global cues.
