By Andrew Torchia
DUBAI, May 8 (Reuters) – Most major Gulf stock markets rose
on Sunday in response to a modest recovery on Wall Street and in
oil prices at the end of last week, while a sweeping
reorganisation of Saudi Arabia’s economic policy-making
apparatus boosted shares there.
The Saudi stock index closed 0.2 percent higher
after rising as much as 1.0 percent at one stage. Petrochemical
blue chip Saudi Basic Industries gained 0.3 percent.
The Saudi reorganisation replaced the oil minister and
central bank governor and restructured some major ministries,
creating a super-ministry under Khalid al-Falih to manage the
growth of industry and resource extraction.
Many fund managers still have questions about how a
wide-ranging economic reform programme unveiled on April 25 can
be financed and whether it can be fully implemented, but local
investors have been reacting bullishly.
State utility Saudi Electric climbed 1.8 percent.
Saturday’s reshuffle moved the electricity portfolio to the new
super-ministry; this could give fresh impetus to a restructuring
of Saudi Electric, which has been discussed for years with
Insurers were also strong, with Saudi Arabian Cooperative
Insurance jumping its 10 percent daily limit.
Dubai’s index gained 0.6 percent to 3,326 points,
bouncing from near technical support on the late March lows of
3,248-3,253 points, though trading volume was low.
Dubai Parks & Resorts, the most heavily traded
stock, rose 2.3 percent. Trading in rights to a major share
issue in the company began last week and will continue through
Abu Dhabi’s index gained 0.5 percent as Abu
Dhabi Commercial Bank rebounded for a second day from
a slump following its first-quarter earnings. The stock rose 1.3
Qatar edged down 0.2 percent although Dlala Brokerage
added 2.7 percent in unusually heavy trade.
Kuwait’s Burgan Bank rose 1.5 percent after
reporting an 18.5 percent fall in first-quarter net profit to
14.3 million dinars ($47.66 million),largely because of lower
foreign exchange income; HSBC had forecast the bank would make
12.68 million dinars. Kuwait’s index edged down 0.1
Egypt rose 0.3 percent, buoyed by gains in a few
blue chips such as Orascom Telecom Media, which was up
* The index climbed 0.2 percent to 6,672 points.
* The index rose 0.6 percent to 3,326 points.
* The index gained 0.5 percent to 4,449 points.
* The index fell 0.2 percent to 9,730 points.
* The index rose 0.3 percent to 7,572 points.
* The index edged down 0.1 percent to 5,371 points.
* The index rose 0.3 percent to 5,996 points.
* The index edged down 0.1 percent to 1,112 points.
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