UAE and Saudi stocks gain as oil climbs above USD 81
Thursday, 29 Oct 2009
The Dubai Financial Market General Index advanced 3.3% the most in a month to 2,338.11. Abu Dhabi's ADX General Index advanced 0.7% while the Kuwait Stock Exchange lost 0.4%.
The Dubai Financial Market index rose strongly as the bulls returned and robust trading was witnessed, mainly in real estate major Emaar's stock which rose 4.5%.
Saudi Arabia's benchmark index ended higher for the second time this week, led by Saudi Basic Industries Corporation which rose 0.9%. The index was up 0.6% to 6,564 points narrowly below Saturday's 12 month closing high.
Market analysts said that the Q3 earnings of blue chip companies will set the immediate direction for the UAE markets. The Abu Dhabi Securities Exchange general index rose to 3,167.83 amid higher trading volumes compared to Sunday. Market analysts remain bullish on the near term prospects of Abu Dhabi's blue chip stocks.
According to Mr Mousa Haddad head trader with National Bank of Abu Dhabi Asset Management, the Abu Dhabi market index may well touch 3,700 by the end 2009 if a bull run gathers momentum, helped by positive sentiments globally.
