Most major bourses rebound

Dubai : Most major Middle Eastern stock markets rebounded yesterday after global bourses stabilised following their tumble in recent days, but the biggest regional market, Saudi Arabia, was hit by profit-taking in petrochemical and cement shares.

The Saudi index rose almost 1 per cent in early trade but then edged down for the rest of the day, closing 0.7pc lower. Thirteen of 14 petrochemical shares dropped along with 11 of 14 cement shares.

Al Yamamah Steel Industries sank 6.2pc after saying quarterly net profit tumbled to 6.7 million riyals ($1.8m) from 29m riyals a year ago because of a slowdown in projects and stiff competition. SICO Bahrain had forecast a profit of 22.3m riyals. But food retailer Abdullah Al-Othaim Markets, which rose on Tuesday after saying quarterly profit grew 75pc, climbed a further 5.5pc.

Dubai’s index gained 0.8pc as blue chip Emaar Properties added 1.1pc. In Abu Dhabi, the index rose 1.2pc as the biggest bank, First Abu Dhabi Bank, climbed 1.3pc.

Ras Al Khaimah Ceramics jumped 3.6pc in thin trade after reporting it swung into the black last year and hiking its dividend.

Qatar’s index, which suffered more than other Gulf markets during the recent global downturn, surged 2.7pc in active trade.

Market sources told Reuters on Tuesday that Masraf Al Rayan and Amwal planned this quarter to list exchange-traded funds, which could give the market a boost.