Most Middle East markets, with the exception of Qatar,
closed flat or lower, as oil prices and global markets fell on Friday due to
concerns about the economic recovery.
Kuwait has given the green light to the country’s banks to
finance the 30 billion dinar ($104.1 billion) plan aimed at boosting the role
of the private sector in its state dominated economy and help it become a
regional financial center, newspapers said on Thursday.
The plan, which started on April 1, includes building new
ports and cities, and investments to raise oil and gas production.
“This has been a key government objective and this decision
is a step in the right direction in terms of creating a larger non-oil
economy,” Beltone said in a research note.
“The decision is also a positive one for banks since it will
increase the banking sector’s overall activity,” it added.
Banking stocks ended higher for a second straight session.
Gulf Bank rose 2.1 percent, while National Bank of Kuwait  rose 3 percent to hit its highest
closing price since November 2008.
Saudi Arabia’s Tadawul All-Share Index (TASI) ended flat
after making a very minor gain of 0.65 points, up by 0.01percent and closed at
6,090.87 points.
The sector activity for the day was mixed with 7 gaining
sectors and 8 losing sectors. The gaining sectors for the day ranged from
0.01percent by the Industrial Investment sector to 0.66 percent by the
petrochemical industries sectors.
On the other hand, the losing sectors ranged from -0.02
percent by the cement sector to 1.34 percent by the telecommunication &
information technology sector. The overall market breadth for the day was
positive with 73 advancers against 47 decliners giving it an AD ratio of 1.55,
the Financial Transaction House (FTH) said in its daily market commentary.
In Dubai, ports operator DP World fell for a first session
in six, stalling an earnings-driven rally. It fell 4.4 percent, after hitting a
15-week high on Thursday. The Nasdaq Dubai-listed stock is up 16.3 percent
year-to-date.
On the Dubai Financial Market, the index  eased 0.03 percent. Emirates NBD fell
1.2 percent and Union Properties lost 1.4 percent, while telecoms operator du
advanced 3.4 percent to a two month high.
Abu Dhabi’s index inched down 0.03 percent as volumes fall
to their lowest level for at least two years.
Qatar’s index gained 0.9 percent to 7,179 points, advancing
for a fifth straight session, boosted by blue chips Qatar National Bank  and Industries Qatar which gained 1.4
and 1.3 percent respectively.
Kuwait’s index advanced 0.05 percent to 6,685 points.
Oman’s market fell 0.3 percent to 6,308 points while Bahrain
was unchanged at 1,409 points.
— With input from agencies