Driven by gains in the construction and real estate sector, Gulf Arab markets gained Wednesday, thanks to positive inputs by markets in the United States and Asia.
Global markets were boosted by a surprise move by Japan’s central bank to lower interest rates. But gains in the Gulf region remained modest as investors expected the new round of results for the third quarter of 2010, which will be published from mid- October by stock-listed firms.
Saudi Arabia’s Tadawul market gained 0.33 percent to close at 6, 417.68 points, mostly lifted by energy and utilities shares. Shares of Saudi Electricity Company gained 1.37 percent, finishing at 14.85 Saudi riyals (3.96 dollars). On Monday, General Electric signed a 700 million dollars contract with Saudi Electricity for a new, high-efficiency power plant in Riyadh.
In Abu Dhabi, the ADX General Index closed 0.68 percent higher, ending at 2,677.63 points, as real estate heavyweights Aldar, 2.92 percent higher at 2.46 dirhams (0.67 dollar), and Sorouh Real Estate, gaining 2.33 percent at 1.76 dirham (0.48 dollar), helped the recently stagnating market regain momentum.
Earlier in the day, the bourse in the capital of the United Arab Emirates (UAE) said the ADX General Index accumulated more than 6.3 percent of gains during the third quarter of 2010 as compared to the second quarter of the same year.