|10-14-2014, 02:58 AM||#1|
Saudi Arabia`s Tadawul climbs the most in 11 weeks
Saudi Arabia stocks (Tadawul) jumped the most in eleven weeks on Monday, as investors saw shares were undervalued after Sunday’s selloff that took out over $60 billion from equity markets in the Middle East.
Saudi Arabia’s Tadawul All Share Index bounced back from its biggest slump in over three years, rising 2.39% or 232.56 points, the biggest daily gain since July 22.
The Dubai Financial Market (DFM) climbed 1.9% after dipping 6.5% on Sunday. The Abu Dhabi Exchange climbed 1% and the Qatar Exchanged added 0.5%.
Investors took on heavy profit-taking on Sunday, and sent stock markets in the GCC to multi-year lows tracking a global sell-off, induced by fears on the global growth outlook and declining oil prices.
Markets found heart in a report that showed China’s exports increased 14.5% in September, which eased some fears over the world’s second-largest economy.
Stock markets in the Middle East stabilized on Monday amid a view that Sunday’s sharp dip was overdone.
Monday’s rise could also mean that investors found some favorable levels to get into the market.
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