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Home / Regional / MIDEAST STOCKS-Saudi marketplace recovers, hits five-year high

MIDEAST STOCKS-Saudi marketplace recovers, hits five-year high


* Saudi Arabia’s bourse strongest in region

* Follows oil cost recovery, IPO progress

* Dubai follows, aided by Emaar

* Index pennyless technical insurgency final week

* Most informal markets small changed

By Olzhas Auyezov

DUBAI, Mar 23 (Reuters) – Saudi Arabia’s bourse led the
region on Sunday, recuperating from final week’s debility to strike a
five-year high with gains in many sectors as tellurian oil prices
stabilised.

The index rose 1.3 percent to 9,425 points, its
highest turn given Jul 2008. Most bonds sealed in a black,
including petrochemicals, banks, concrete makers and food
producers.

“Optimistic view and expectation of first-quarter
results” were a many expected reasons for a rally, pronounced Farooq
Waheed, comparison portfolio manager during Riyad Capital.

The Saudi index, that includes several vast petrochemical
companies such as Saudi Basic Industries, eased
throughout final week as oil prices retreated. Brent crude
, however, partly recovered on Friday.

In certain news for a long-term growth of the
market, dual Saudi companies – H2O and energy devise developer
ACWA Power IPO-ACPO.SE and a kingdom’s largest lender,
National Commercial Bank IPO-NACO.SE – suggested stairs towards
listing their shares final Thursday.

DUBAI

Meanwhile, Dubai’s bourse rose 1.0 percent, aided by Emaar
Properties, that resumed final week’s convene and added
1.6 percent, nonetheless Sunday’s trade volume was significantly
lower than final week. Emaar’s new convene has been triggered by
the proclamation of a division travel and a devise to list its
shopping mall subsidiary.

The categorical Dubai index sealed during 4,347 points; last
week it pennyless above technical insurgency during 4,242-4,255 points,
the Feb peaks. There is now no poignant draft resistance
nearby.

Among other gainers in Dubai were skill developer Deyaar
and construction firms Arabtec Holding and
Drake and Scull.

Real estate investment trust Emirates REIT pronounced on Sunday
that it had set a cost operation for a initial open offer of
shares during $1.36 to $1.56 per share, and expects a inventory on
Nasdaq Dubai to start around a center of April. It would be
Dubai’s initial IPO given 2009.

Bahrain’s index climbed 0.8 percent, mostly on a behind of
Arab Banking Corp, that jumped 7.1 percent. The stock
surged final month after news that a bank was employing Standard
Chartered landowner Ray Ferguson as a organisation chief
banking officer; it afterwards retreated and is now climbing behind to
the new peak.

SUNDAY’S HIGHLIGHTS

SAUDI ARABIA

* The index gained 1.3 percent to 9,425 points.

DUBAI

* The index combined 1.0 percent to 4,347 points.

ABU DHABI

* The index edged adult 0.2 percent to 4,795 points.

QATAR

* The index eased 0.2 percent to 11,340 points.

EGYPT

* The index slipped 0.1 percent to 8,451 points.

OMAN

* The index slid 0.2 percent to 6,916 points.

KUWAIT

* The index fell 0.2 percent to 7,542 points.

BAHRAIN

* The index gained 0.8 percent to 1,397 points.

(Editing by Andrew Torchia)

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