Shares prices creep up on most Gulf markets

January 31, 2011 | 21:45

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Most stock markets in the Gulf creeped upwards on Monday to recover some of the losses sustained over the weekend due to concern over the unrest in Egypt.

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The Abu Dhabi Securities Exchange closed up 1.0 per cent at 2,586.75 points, after it dropped 3.74 percent on Sunday.

Etisalat, the main telecom operator in the United Arab Emirates, which has operations in Egypt through its Etisalat Misr subsidiary, saw its shares recover 2.46 per cent after falling 2.87 per cent the day before.

In Dubai, the Dubai Financial Market index opened in the green, only to close 0.56 per cent down. On Sunday, the index plunged more than six percent during trading before it closed 4.32 per cent down.

Leading property developer Emaar closed down 1.93 per cent, a modest drop compared to an 8.26 per cent dive on Sunday.

The Kuwait Stock Exchange, the second-largest Arab bourse after Saudi Arabia, gained 0.55 per cent after closing 1.76 per cent down on Sunday.

In Doha, the Qatar Exchange index recovered 0.41 per cent of its value after a 2.95 percent fall the previous day.

Meanwhile, average prices on the Saudi bourse were down 1.00 percent in late afternoon trading after gaining 2.47 per cent on Sunday.

Riyadh's Tadawul All Share Index led the drop in Gulf markets on Saturday, plummeting 6.43 percent.

"Direct exposure to Egypt is an issue for some Saudi companies that have bought into Egyptian companies and established production facilities," said Jadwa Investment in a report.

Oman's Muscat Securities Exchange, which closed down 3.02 per cent on Sunday, recoved by 1.41 percent on Monday.

AFP

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