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MIDEAST STOCKS-Gulf markets rebound as oil rallies; Tunisia edges up
2015年6月30日 / 下午2点14分 / 2 年前

MIDEAST STOCKS-Gulf markets rebound as oil rallies; Tunisia edges up

* Brent crude recovers more than 1 pct during the day

* Ma‘aden helps Saudi close in the black

* Saudi Ground Services continues post-listing bull run

* Property stocks buoy UAE, Qatar

* Tunisia recovers part of post-attack losses

By Andrew Torchia

DUBAI, June 30 (Reuters) - Major Middle Eastern stock markets rose on Tuesday after bargain-hunters came in at the lows, encouraged by rebounds in overseas bourses and oil prices.

The Saudi stock index dropped as much as 1.5 percent in early trade but then edged up for most of the day, closing 0.3 percent higher. Miner Ma‘aden was one of the main stocks to recover, ending up 1.6 percent.

The biggest petrochemical producer, Saudi Basic Industries , closed 0.9 percent down but was well off its low as Brent oil rebounded more than 1 percent to nearly $63 a barrel.

Saudi Ground Services, which listed last Thursday after an initial public offer at a price of 50 riyals per share, again surged its 10 percent daily limit to 73.00 riyals. It was the most heavily traded Saudi stock. On Monday, SICO started it with a buy rating and a target price of 74 riyals.

A monthly Reuters survey of 15 leading Middle East fund managers, published on Tuesday, found them negative on Saudi equities for now because of rich valuations. Fourteen percent of funds expected to raise equity allocations to Saudi Arabia in the next three months and 27 percent to cut them.

The survey was more bullish on United Arab Emirates bourses, where 33 percent expect to increase allocations while only 7 percent expect to cut them.

Dubai’s index rose 1.1 percent on Tuesday as property-related stocks in particular recovered. Leading real estate developer Emaar climbed 1.6 percent and mortgage provider Amlak, the most heavily traded share, surged 12.6 percent. It has been extremely volatile since it resumed trading in June after a multi-year suspension.

Abu Dhabi’s index was up 0.9 percent as Aldar Properties gained 2.3 percent. Qatar’s market rebounded from early losses to close 1.6 percent higher, aided by a 2.3 percent leap by Barwa Real Estate.

Egypt’s market was closed for a public holiday. Tunisia’s bourse climbed 0.3 percent, after falling 1.0 percent on Monday in response to Friday’s militant attack on a holiday resort, which killed 39 people and may depress the tourism industry for many months.



* The index gained 0.3 percent to 9,087 points.


* The index rose 1.1 percent to 4,087 points.


* The index climbed 0.9 percent to 4,723 points


* The index gained 1.6 percent to 12,201 points.


* The index edged up 0.1 percent to 6,203 points.


* The index edged down 0.1 percent to 6,425 points.


* The index edged up 0.04 percent to 1,368 points. (Editing by Jeremy Gaunt)

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