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TMCNet:  Gulf Arab oil-price sensitive markets regain ground

[November 26, 2012]

Gulf Arab oil-price sensitive markets regain ground

DUBAI, Nov 26, 2012 (Xinhua via COMTEX) -- As the oil prices rebounded Monday on positive news from U.S. retailers, equity indexes in Riyadh, Kuwait and Abu Dhabi edged higher.

After hitting a 10-month low on Sunday, the Saudi Arabian Tadawul All-Share Index added 0.35 percent to reach 6,547.19 points Monday. The gauge received tailwinds from oil prices which climb half a percentage points to hit 109.32 U.S. dollars (DME Oman Crude).



Shares of Saudi Arabia's second telecom operator Etihad Etisalat or Mobily bounced back by 1 percent to reach 72 Saudi riyal (18.72 dollars).

The sheikhdom of Kuwait, which produces every day more oil than Algeria and Indonesia combined, saw its KSE Market Index to rise to a one-month high at 5,903.24 points.

The Abu Dhabi Securities Market ADX ended an 8-day losing streak by advancing 0.40 percent to touch 2,646.51 points as most banks and telecoms gained.

The emirate's largest lender National Bank of Abu Dhabi or NBAD soared 2.40 percent to close at 9.89 Dirham (2.70 dollars).

Emirati telecom giant Etisalat added slightly to finish at 9.89 Dirham (2.69 dollars).

Elsewhere in the region, the FTSE NASDAQ Dubai UAE 20 Index closed unchanged at 1755.17 points.

Depa Limited, the region's largest interior design firm soared 1.33 percent to reach 0.38 dollar. Earlier the day, Depa's Singaporean subsidiary Design House said a 102 percent rise in the third quarter net profits amounting to 40.8 million dollars, mainly due to strong sales increases in China.

Meanwhile, the Qatar Exchange (QE) dipped 0.23 percent to 8,429. 01 points.

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