UAE-Mubasher: Five GCC stock markets were positive during the third week of January, backed by corporate results for the year 2014. Meanwhile, the Qatar and Saudi bourses were in red.
Muscat Securities Market (MSM) spearheaded gainers with a rise by as much as 1.93%. It was followed by the UAE twin markets with 1% rise each. The Kuwaiti Price Index gained nearly 1%.
Bahrain bourse tailed the list gainers with a marginal rise by 0.01%. However, Qatar Exchange (QE) and Saudi Stock Exchange (Tadawul) fell 1.38% and 0.44% respectively.
MSM benchmark rose 1.93% or 125.69 points to end the week at 6644.51 points, compared with 6518.82 points a week earlier.
MSM index attempted during the week to cross the 6655 level but failed due to selling pressures at such a level, said Sameh Gharib, head of technical analysis, Roots Stock Brokerage.
During the week that ended on January 22, Dubai Financial Market (DFM) index rose 1.05% or 40.33 points to 3882.93 points; thus extending its gains for the second successive week.
Waddah Al-Taha, economic analyst, said posting financial results in DFM was relatively late, adding that the market could have been driven higher above key resistance levels had such results been posted earlier.
Similarly, the Abu Dhabi Securities Exchange (ADX) index gained 1.02% or 45.56 points to 4526.92 points, backed by sectors that headed north topped by real estate and banks.
Kuwait Stock Exchange (KSE) indices were in green, as the Price Index rose 0.97% or 64.14 points.
Hammoud Al Azemy, analyst, told Mubasher that the continue rally in the week was spurred by bank’s positive results and cash dividends that triggered buying spree on blue chips.
Bahrain bourse added 0.19 point or 0.01% to 1428.65 points, compared with 1428.46 points a week earlier.
Qatar Exchange (QE) index drifted 163.6 points or 1.38% lower to 11698.86 points, compared with 11862.51 points.
Mohamed Al Shamiry, financial advisor, said Qatari shares slumped after some leadings tocks announced dividends that are below share market prices.
Tadawul lost 0.44% or 37 points to end the week at 8421.72 points, compared with 8458.93 points.
Photo Credit: Arabianeye-Reuters
