Gulf stock markets up, except in Kuwait
Stock markets in the Middle East rebounded on Monday following a series of local and international measures to try to ease the global financial crisis.
The Dubai stock market index on Monday ended with its biggest-one day gain ever, rising 10.53 percent. The main index closed at 3,343.56, supported by banks and real estate stocks. Emaar Properties climbed 15.01 percent while Ajman Bank and Dubai Islamic Bank both gained more than 14 percent.
In Abu Dhabi, the index closed up 6.92 percent, boosted by Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank, both up more than 9 percent.
Meanwhile, the Saudi stock market, the largest in the Arab world, also rebounded on Monday, closing up 9.5 percent, above the 6,000-point mark. The Tadawul All-Shares Index (TASI) finished the day on 6,365.23 points, bolstered by a sharp rise in all 15 sectors. All 125 stocks which traded, surged. The market leader, petrochemical giant SABIC, gained 9.9 percent.
Qatar's financial market rose after the country's sovereign wealth fund unveiled plans to purchase 10-20 percent of listed banks' capital, sending bank stocks higher. The Doha Stock Market (DSM) index ended up 8.45 percent at 7,624.09 with Qatar Commercial Bank up 9.2 percent.
The Omani bourse also ended higher, with the MSM index moving up by 5.18 percent to close at 7,121.32. Ahli Bank wasd up by 9.84 percent while National Bank of Oman closed 9.9 percent higher.
The Kuwait Stock Exchange, the second biggest Arab bourse, was the only exception, closing 0.26 percent down at 11,826.70 after earlier moving into positive territory.