|11-03-2014, 06:36 AM||#1|
Gulf stock markets buoyed by cheerful global cues
Equities in the Middle East climbed sharply on Sunday as local investors were lured into markets by a positive global sentiment welcoming fresh monetary easing by the Bank of Japan last week.
U.S., European and Asian stock markets all surged more than 1% on Friday, largely attributed to a surprising decision by the Bank of Japan to increase its economic stimulus program.
The Qatar Exchange gained 1.05% in early hours of trad this morning, pushed higher by Barwa Real Estate, which gained more than 3% and was the most actively traded stock.
Barwa announced a QAR500 million riyal ($137 million) commercial development project in Doha, with construction slated in late 2015. Barwa also reported a 55.2% in nine-month profit.
Investors seem to have regained confidence in Barwa, after having suffered for many years in debt, and now seems to have refocused on organic growth.
In Dubai, property and real estate development shares boosted the main index, the Dubai Financial Market (DFM) by 1.54%, with heavyweights Emaar Properties and Arabtec, gaining 3.5% and 2.8% respectively.
The Abu Dhabi Exchange (ADX) gained 1.35%, led by First Gulf Bank and Aldar Properties.
Saudi Arabia’s main index, Tadawul is looking at a bright opening, as the IPO of the National Commercial Bank ends today and the funds held by the listing will be returned to individual investors, which would bring back a heavy sum of money into markets, considering the massive over-subscription for the listing.
Less volatility is seen this week as Brent crude prices, usually a driver for Middle East stocks’ performance, are looking more stable around the $85-a-barrel level.
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