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Saudi, other Gulf shares rise as oil bounces back
Published in The Saudi Gazette on 07 - 07 - 2010

Saudi Arabia's benchmark index Tadawul All Share Index (TASI) on Tuesday made its largest gain in three weeks, rising 1.58 percent to 6,125.73 points as petrochemical stocks rebound following a turnaround in oil prices.
Petrochemical giant Saudi Basic Industries Corp (SABIC) rose 4.4 percent to a week high, while Rabigh Refining and Petrochemical Co added 3.6 percent.
Analysts said recent declines in Saudi Arabia were down to negative global sentiment, rather than company fundamentals and so stocks were oversold, prompting buyers to come in as fears over the world economy ease for the time being.
Al Rajhi Bank climbed 2 percent and Samba Financial Group added 1.4 percent, with banks expected to be among the first to report second-quarter earnings.
In neighboring countries, Dubai's index rose 1.5 percent to 1,495 points, its biggest gain since June 20.
Institutions bought into Emaar Properties, helping Dubai's index DFM make its largest gain for more than two weeks as most stocks rose, with a rally on global markets boosting regional sentiment.
Emaar climbed 3.9 percent, Arabtec added 4.8 percent and Dubai Financial Market rose 2.7 percent.
This trio are typically the most active stocks and so under - and outperform market movements.
Abu Dhabi's measure slipped 0.01 percent to 2,521 points.
Kuwait's index rose 0.7 percent to 6,365 points. Oman's measure rose 1.2 percent to 6,174 points. Bahrain's index rose 0.2 percent to 1,365 points.
“Some institutional clients have been picking up Emaar and Dana Gas for the medium-term, but the quantities are nothing to be overjoyed about,” said Vyas Jayabhanu, head of investments, Al Dhafra Financial Broker.
“Investors are not willing to sell at these prices following recent declines - they want to see what Q2 results are like.”
Union Properties climbed 2.9 percent after saying it expects to sell its Ritz Carlton hotel by the end of July, and will use the cash to finish projects and reduce its debt.
Dana Gas is the most active stock, accounting for almost a third of all shares changing hands on the benchmark.
“Dana is in a sector that has escaped the rot and as a company it has done a lot of positive things in the past year such as new gas discoveries and I expect its Q2 numbers to be pretty good,” says Jayabhanu.
Aldar Properties rose 1.5 percent, but Abu Dhabi Islamic Bank fell 0.8 percent.
Investors boosted global stocks strongly on Tuesday and sold the dollar, lifting equities off six-and seven-week lows.
National Bank of Kuwait rallied, helping Kuwait's index KWSE climbed from Monday's five-year low, while Qatar QSI also gained as global sentiment improves, with analysts saying recent declines had been overdone.
NBK climbed 1.8 percent, Zain added 1.9 percent and Ahli United Bank rose 2.3 percent.
Markets worldwide are seen rising this week, analysts said, as bargain hunters step in following recent drops, but these gains may not be sustained as concerns over the global economy persist.


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