09/03/2011
TASI up over 2%
Gulf bourses rise
Most Gulf bourses advanced on Tuesday, tracking gains on the Saudi market, as confirmation that state-linked funds had been buying local shares boosted fragile investor sentiment.
Saudi Arabia's Tadawul All-Share Index (TASI) climbed 2.07 percent to 6,073.79, taking its gains to more than 14 percent this week, rallying from a 22-month low hit on March 2, Reuters said.
The sector activity for the day was all positive. The gaining sector ranged from 0.15 percent by the Energy & Utilities sector to 3.76 percent by the Transport sector. The overall market breadth for the day was positive with 113 advancers against 14 decliners giving it an AD ratio of 8.07, the Financial Transaction House — licensed by the Capital Market Authority — said in its daily market commentary.
The stock market turnover reached SR 6.13 billion on Tuesday.
"The Saudi market was oversold and a bounce was expected," said Saad Al-Chalabi, a technical analyst for institutional equities at Al-Ramz Securities in Abu Dhabi.
Heavyweight Saudi Basic Industries Corp. climbed 3.6 percent and Al-Rajhi Bank gained 4.5 percent…However, concerns over regional unrest remained especially among foreign investors.
Qatar's index made its biggest advance in 15 months, ending at a one-week high.
Stocks in the United Arab Emirates advanced, tracking Saudi gains, with Dubai's index rising 2.7 percent to 1,413 points.
However, volumes were still low, as traders entered the market looking for short-term investments.
The Abu Dhabi index rose 1 percent to 2,573 points, while the Omani index added 0.07 percent to 6,292 points.
The Kuwaiti index gained 0.06 percent to 6,138 points, while the Bahraini measure eased 0.3 percent to 1,393 points.
