Despite a slight rebound at stock exchanges from Kuwait to Dubai Thursday, the drop in Crude Oil prices due to ongoing worries over sterility of monetary stimuli packages in East and West triggered week losses at most Gulf Arab indexes.
Oil prices rebounded Thursday by 1.40% in late trading to trade around 91.30 for WTI Crude, but the price of the Black Gold lost 4.75% in the last 4 wks, with the exception of Kuwait.
In the United Arab Emirates, the Dubai Financial Market and the Abu Dhabi bourse ADX gained slightly amid low trading turnover Thursday, but their market measures retreated over the week 2.2% and 0.53%, respectively.
At the NASDAQ Dubai, the only Arab exchange by international standards, the FTSE NASDAQ Dubai UAE 20 Index advanced half a percentage point to hit 1,720.08. Shares of DP World, globally the third largest maritime port conglomerate, hit a six-month high by gaining 0.90%, finishing at US$11.25.
The Qatar Exchange failed to return into the green on a year-to- date basis in September. The bourse’s QE index in Doha fell 0.13% to close at 8,493.70. Since January QE Index fell 3.20% after the gauge posted the highest gain in the region in Y’s 2011 and 2010.
Kuwait’s KSE Market Index bucked the sluggish trend and added value over the entire reaching 5,990.54 pts, 0.76% higher than the day before. Banking and financial shares in particular lifted the sentiment.
The Saudi Arabian Tadawul All-Share Index remained, as usual, closed Thursday. On Wednesday, the Riyadh-based market measure plummeted to a two-month low at 6,878.72 pts, mostly due to the decline in Crude Oil prices.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.