Gulf markets bounce back

Saudi snaps five-day losing streak

DUBAI, Aug 7, (RTRS): Gulf stocks rebounded from their recent losses on Tuesday as markets’ renewed fears about an escalating global trade war eased, with Beijing stepping in to stabilise the yuan and Washington dismissing fears of a lengthy trade war with China.

The recovery was led by financial shares. Abu Dhabi and Qatar’s share indexes had suffered six days of straight losses each, while Saudi Arabia and Dubai’s bourses retreated in the previous five and four consecutive sessions, respectively, on fears over the trade dispute between the world’s two biggest economies.

Saudi’s index rose 1.1% with Riyadh Bank increasing 4.4% and Al Rajhi Bank gaining 1.1%. Some robust earnings from insurers added to the index gains.United Cooperative Assurance jumped 6% after its pre-zakat second-quarter profit more than doubled, while Gulf General Insurance, which swung to profit for the same period, surged 7.9%.

Dubai’s index was up 1.2% as Dubai Islamic Bank advanced 2% and Emirates NBD traded 1.8% up. Qatar’s index also rose 1.2%. Qatar Islamic Bank increased 1.7% while Qatar Gas Transport closed 4.1% higher.

In Abu Dhabi, the index gained 0.7% with First Abu Dhabi Bank edging up 0.5% and Emirates Telecommunications Group climbing 2%. Outside the Gulf, Egypt’s bluechip index moved 1.7% higher.

Egypt Kuwait Holding leapt 6.9%. On Tuesday, it obtained a regulatory nod for land allocations concerning agricultural projects which would provide raw materials to its planned compressed wood factory.

Saudi Arabia The index rose 1.1% to 8,483 points

Abu Dhabi

The index was up 0.7% at 5,119 points

Dubai

The index was up 1.2% to 2,831 points

Qatar

The index rose 1.2% to 9,898 points

Egypt

The index rose 1.7% to 13,881 points

Bahrain

The index was down 0.1% at 1,544 points

Oman

The index gained 0.9% to 3,839 points

Kuwait

The index was up 0.6% at 6,744 points