Gulf shares trade slightly up following Asian bourses

Stock markets in the Gulf edged up in early trade on August 30 after oil prices and Asian bourses made modest recoveries but trading volumes were thin. Dubai’s index climbed 0.1 per cent with gainers outnumbering losers 13 to five. Trade mainly focused on speculative shares favoured by short-term local traders; builder Arabtec rose 0.7 […]

Stock markets in the Gulf edged up in early trade on August 30 after oil prices and Asian bourses made modest recoveries but trading volumes were thin.

Dubai’s index climbed 0.1 per cent with gainers outnumbering losers 13 to five. Trade mainly focused on speculative shares favoured by short-term local traders; builder Arabtec rose 0.7 per cent and GFH Financial added 1.7 per cent.

But courier Aramex, which had surged 2.3 per cent on August 29, retreated 1.7 per cent.

Qatar’s index gained 0.2 per cent. The bourse has been supported over the last several weeks by FTSE’s plan to include some major stocks in its secondary emerging market index; an announcement of its picks will come after the close on August 31.

Islamic lender Masraf Al Rayan, which could make FTSE’s list, rose 1.1 per cent and another potential beneficiary, telecommunications operator Ooredoo, added 0.6 per cent.

Saudi Arabia’s index nudged up 0.3 per cent after 40 minutes of trade, with just under half of traded shares rising.

Al Tayyar Travel Group rose 0.6 per cent. The company offers services to Islamic pilgrims for the Haj, which starts on September 9; as many as 1.5 million external and domestic pilgrims are expected to perform the Haj in Mecca this year, roughly the same number as last year, Saudi media reported.

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Source: Business

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