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GCC stocks regain charm on foreign purchases

GCC stocks regain charm on foreign purchases
(Photo credit: Arabianeye - Reuters)

By: Mahmoud Gamal

Mubasher: GCC markets starts to gain back their attractiveness with the tendency of foreigners to buy shares, which raise most of them by the end of Tuesday's trades coinciding the rise of most of global markets.

Analysts expected that most of them will continue their horizontal performance with an upward tendency on Wednesday.

On Tuesday, although the selling pressures on the blue chips, Drake and Scull hiked 6.9% and SHUAA Capital increased 5.8% after net losses shrank to AED 18.9 million.

In Abu Dhabi Exchange (ADX), leading stocks attracted traders topped by Dana Gas which levelled up 6.4% after it, among a consortium won a ruling from London tribunal stating that Kurdistan Regional Government (KRG) has to pay $121 million for condensate and liquefied petroleum gas.

Union National Bank (UNB) went up 41% after it posted a 29% increase in the year-on-year quarterly profit and the proposal of its board to distribute 20% for 2016.

The latest statement of the Fed Chair Janet Yellen yesterday regarding the rate hikes will be from the main reasons behind the unwillingness of some investors to risk on shares in the next sessions, technical analyst, Doaa Farouq, told Mubasher.

Investors made selling moves on most of the Saudi Stock Exchange (Tadawul) shares to gain profits which indicates that the market entered a new correction phase, technical analyst, Ramy Kassab, told Mubasher.

Twelve Saudi-listed banks retreated in Tadawul yesterday after Bank Al Jazira went down 1.8%.

Tadawul decreased 0.4% to 7,033  points, Dubai Financial Market (DFM) added 0.4% to 3,653 points, while Abu Dhabi Exchange (ADX) rose 0.2% to 4,573 points.

The Kuwait Stock Exchange (KSE) levelled up 1.4% to 6,751 points, the Muscat Securities Market (MSM) went up 0.1% to 5,819 points, while the Bahrain Bourse closed at 1,308 points.

Translated by: Sara Ghali