BAGHDAD / Obelisk: stock markets rose strongly across the Gulf for the second straight session on Sunday after the recovery of oil prices and the announcement ahead of the Saudi budget plan for 2015, which are expected to show continued heavy spending on economic development.
The Saudi Arabian General Index rose 2.5 percent, extending gains in the last three days to 16 percent, but still down 24 percent from the peak of September.
The highest levels of trading volumes since late August in a positive technical indicator predicts that the market has found a minimum.
The stock market in Saudi Arabia and other Gulf states tumbled in the past few weeks because of fears that the drop in oil prices forced governments to reduce public spending curtailed sharply, which could hurt corporate earnings.
And those fears have receded in the past few days. He returned Brent crude to rise above $ 60 a barrel late last week, while Saudi Finance Minister Ibrahim Al-Assaf said on Wednesday that the government will continue to spend heavily on development and social projects in the budget for 2015 is expected announcement on Monday.
Shares of Dar Al Arkan Real Estate Development Company, which may benefit from the government's efforts to solve the housing crisis is the most active today jumped 9.3 percent.
Included big gains metals shares, which rose four percent and Saudi Kayan Petrochemical, which has increased its share of 9.8 percent.
But the Saudi market fell down from a big early trade gains after rising five percent. It seems that many traders are not confident that Brent had been found on a minimum fixed at $ 60 a barrel would renewed decline towards $ 50 to descend Gulf stock markets again.
Dubai and Qatar
Dubai's stock market - the most volatile stock market in the region and the top in terms of trading with borrowed money - the biggest loser rates in the Gulf earlier this month and led gains on Sunday with a high volume to its highest level since late August.
Dubai's index jumped 9.9 percent after it rose 13 percent Alkhames rising Emaar Properties leader of 13.7 percent and Arabtec construction of 11.6 percent. The index remains down 27 percent from the peak of September.
Qatar's index climbed 7.6 percent, partly because the market was closed for a public holiday on Thursday, did not catch a wave Gulf climb from the beginning. Vodafone Qatar was the most active shares rose the maximum daily ten percent as well as Barwa Real Estate.
The market has benefited from the announcement of the Executive Committee of the International Federation of Football Associations (FIFA) to Russia and Qatar Stnzman World Cups in 2018 and 2022 despite the unanimous approval Friday to publish a copy "appropriate" to the investigation in the competition for the right to host events athletes.
The appellate Omani market performed well, rising 5.5 percent after the chief executive of the General Reserve Fund of the State said - the largest sovereign wealth fund in the Sultanate - Reuters Fund boosted buy stock in the domestic market because prices fell to attractive levels.
But the Bahrain Stock Exchange gains did not exceed 1.4 percent after Fitch downgraded the outlook for the classification of Bahrain to Silyeh following a similar move by Standard & Poor's.
Bahraini market fell relatively little during the previous downward trend in the Gulf, which is due apparently to the low liquidity and therefore was not a great prospect of recovery.
And derived the Egyptian market, which began its recovery on Thursday also additional support from news lifting Egypt Fitch rating to B because of what it said was government policy to reduce debt and stimulate growth. The index rose 3.5 percent on Sunday.
Following the closure of the region Sunday markets indicators levels:
Dubai .. The index rose 9.9 percent to 3765 points.
Abu Dhabi .. index rose 3.5 percent to 4517 points.
Saudi Arabia .. The index rose 2.5 percent to 8525 points.
Qatar .. The index rose 7.6 percent to 12030 points.
Egypt .. The index rose 3.5 percent to 8690 points.
Oman .. The index rose 5.5 percent to 5998 points.
Kuwait .. index rose 3.3 percent to 6433 points.
Bahrain .. The index rose 1.4 percent to 1410 points.
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