Gulf bourses rebound from selloff, follow Asia higher


An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014.

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June 21 (Reuters) – Most stock markets in the Gulf rose on Tuesday, rebounding from a recent selloff, with the Qatari index on track to snap four sessions of losses.

The markets also followed Asian shares higher. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.3%, edging up from a more than five-week low and set for its best day in around two weeks.

Saudi Arabia’s benchmark index (.TASI) gained 1.9%, led by a 2.4% increase in Al Rajhi Bank (1120.SE) and a 2.7% leap in the country’s biggest lender, Saudi National Bank (1180.SE).

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The kingdom’s April crude exports rose to a two-year peak of 7.382 million barrels per day (bpd) in April, data from the Joint Organizations Data Initiative showed on Monday.

Dubai’s main share index (.DFMGI) advanced 1.6%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) rising 2.7% and Emirates NBD Bank (ENBD.DU) gaining 1.9%.

In Abu Dhabi, the index (.FTFADGI) added 0.6%.

State firms in the United Arab Emirates will allocate 110 billion dirhams ($30 billion) in potential purchase agreements for local manufacturers, the minister of industry and advanced technology said on Tuesday.

The Qatari index (.QSI) climbed 1.1%, on track to snap a four-day losing streak. Most stocks were in positive territory, including Industries Qatar (IQCD.QA), which was up 1.8%.

Oil prices, a key influence on the Gulf’s financial markets, rose, clawing back more of last week’s losses as investors focused on tight supplies of crude and fuel products rather than concerns about a recession dampening future demand.

($1 = 3.6726 UAE dirham)

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Reporting by Ateeq Shariff in Bengaluru

Our Standards: The Thomson Reuters Trust Principles.

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