02/02/2011
Saudi volumes hit a eight-month high on Saturday
The value of Saudi traded shares reached SR2.97 billion on Tuesday
(TASI) edged higher by 0.24 percent to 6,373.17 points
Gulf Arab markets were steady on Tuesday as selling pressure sparked by Egypt's political turmoil waned, but traders said this respite may be short-lived, offering a downbeat outlook, especially for UAE stocks.
Regional benchmarks have tumbled this week following unrest in the North African state that has left at least 140 people dead.
Saudi Basic Industries Corp. (SABIC) and National Industrialization Co. (Tasnee) rose 1 and3 percent respectively as petrochemical stocks led Saudi Arabia's index higher.TASIedged higher by 0.24 percent to 6,373.17 points.
Markets in the United Arab Emirates rose on Tuesday to recoup some of their early week losses, but traders offered little hope for a convincing rally.
Dubai's index rose 0.6 percent to 1,544 points, rallying from Monday's 21-week low, but volumes slumped to an 11-day low and were barely a fifth of Sunday's total, indicating little buying interest.
In Abu Dhabi, Dana Gas dropped 1.6 percent after saying it would evacuate foreign staff if the political crisis in Egypt deepened. On Monday, the firm reported above-forecast fourth-quarter profit.
The Abu Dhabi index rose 0.5 percent 2,599 points.
The Kuwaiti index fell 0.8 percent to 6,805 points.
The Qatari index slipped 0.05 percent to 8,741 points.
The Omani index fell 0.4 percent to 6,809 points.
The Bahraini index rose 0.7 percent to 1,459 points.
