Gulf bourses rebound after global markets stabilize

Gulf stock markets rebounded modestly in early trade on Wednesday after global bourses stabilized following their tumble in recent days. (Reuters)

DUBAI: Gulf stock markets rebounded modestly in early trade on Wednesday after global bourses stabilized following their tumble in recent days.
The Saudi index was 0.9 percent higher after 45 minutes in a broad rally, with gaining stocks outnumbering losers by 164 to 11.
PetroRabigh, which surged in the past two days on very strong fourth-quarter earnings, added a further 3.8 percent. Food retailer Abdullah Al-Othaim Markets, which rose on Tuesday after saying quarterly profit grew 75 percent, climbed a further 3.9 percent.
But Al Yamamah Steel Industries sank 4.4 percent after saying quarterly net profit tumbled to 6.7 million riyals from 29 million riyals a year ago because of a slowdown in projects and stiff competition; SICO Bahrain had forecast a profit of 22.3 million riyals.
Dubai’s index gained 0.7 percent as blue chip Emaar Properties rebounded 0.9 percent. In Abu Dhabi, the index rose 0.4 percent as Ras Al Khaimah Ceramics jumped 3.6 percent in thin trade after reporting it swung into the black last year and hiked its dividend.
Qatar’s index climbed 1.5 percent with gainers outnumbering losers by 33 to three. Market sources said on Tuesday that Masraf Al Rayan and Amwal planned this quarter to list exchange-traded funds, which could give the market a boost.