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Gulf stocks rally buoyed by economic development
Saudi Gazette
Published in The Saudi Gazette on 18 - 09 - 2010

Gulf stock markets closed the week higher as positive sentiment prevailed throughout the region due to easing world recovery concerns, financial analysts said Friday.
They also attributed the regional rally to a plan by Dubai world to reschedule a major part of its debt, the end of the Muslim fasting month of Ramadan and the improving performance of banks in leading Gulf countries.
Saudi shares extended gains this week, led by the petrochemical and banking sectors.
The Tadawul All Share Index (TASI) of the Arab world's largest stock exchange gained 0.76 percent in two days of trading after the Eid Al-Fitr holiday, closing at 6,354.18 points.
Kuwait's KSE all-share index went up 1.2 per cent on weekly basis, closing at 6,839 points, led by the banking, investment and industrial sectors, analysts said.
The United Arab Emirates shares were the main gainers this week, basically due to the Dubai World's debt rescheduling declaration. About 163 million shares traded in Dubai on Thursday, almost double the three-month daily average of 85 million.
The benchmark of the Dubai exchange climbed 3.44 per cent, closing week at 1,647 points, with support coming from the telecom, banking and investment sectors.
The Abu Dhabi all-share index gained 2.96 percent this week, to close at 2,606 points.
Dubai's benchmark index rose to the highest level in almost four months after FTSE Group categorized the United Arab Emirates as an emerging market, boosting confidence that foreign investment will increase.
Emaar Properties PJSC, developer of the world's tallest skyscraper, climbed 1.6 percent and Dubai Investments PJSC jumped to the highest since May. The DFM General Index advanced 1.2 percent to 1,647.03 at close in Dubai, bringing its gain for the week to 3.4 percent. Abu Dhabi's benchmark stock index increased 0.2 percent.
“The entry of the UAE to the FTSE Emerging Markets Index is positive in terms of exposure and liquidity,” said Paul Cooper, managing director at Sarasin-Alpen & Partners Ltd. in Dubai
The UAE will be classified as a secondary emerging market, helping attract part of the $3 trillion of funds that track the London-based index compiler's benchmarks.
Shares of 21 companies will be added to the FTSE's Global Equity Index after the close on Sept. 17.


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