Gulf stocks follow world shares rally
Stock markets of the energy-rich Gulf states made a strong comeback on Tuesday following a global shares rally and a small rise in oil prices.
The rebound, led by the Qatar Exchange, came after days of contraction by all seven Gulf bourses due to a sharp drop in crude prices and gloomy forecasts about global economy.
Qatar Exchange rose 5.5 percent but remained below the 8,900-point level, making up some of its heavy losses since the start of the year.
Dubai Financial Market Index finished the day up 3.3 percent but stayed below the 2,800-point mark. Properties giant Emaar rose 5.5 percent and construction leader Arabtec gained 10.4 percent.
The market in Abu Dhabi increased 2.5 percent while the Kuwaiti bourse added just 0.6 percent.
The Saudi exchange, the largest Arab market, inched up 3.2 percent to above 5,700 points, with rises across all 15 sectors.
The small Omani market ended flat while the Bahrain bourse bucked the trend to end the day 1.7 percent lower.
All seven Gulf bourses remain well below last year's close.
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