Jul 30 2012
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Gulf stocks mixed on fleeting European hopes
Saudi stock benchmark Tadawul All Share Index edged up 0.02 percent to 6,769.112 points.
Qatar's index made its largest advance in four weeks, rising 0.7 percent to 8,286 points, while Abu Dhabi index gained 0.6 percent to 2,486 points. Dubai index slipped 0.05 percent to 1,509 points.
Kuwait measure climbed 0.03 percent to 5,749 points.
Oman index fell 0.2 percent to 5,377 points.
Bahrain measure fell 0.4 percent to 1,109 points.
Egypt measure rose 0.1 percent to 4,758 points.
Gulf bourses have been more closely correlated to global market losses than gains, with regional shares little moved by a recent rebound in US stocks.
"Everything is driven by policy and hopes of policy," said Amer Khan, a fund manager at Shuaa Asset Management.
"Whether (stimulus) happens or not will be the cause of optimism or disappointment for the market. Investors are so edgy that comments without tangible action (from policy makers) will move global markets." "Liquidity is low and there are regional political tensions," said Shahid Hameed, Global Investment House's head of asset management for the Gulf region.
"World markets look over-bought so could be ripe for a correction, which would weigh on Gulf sentiment. Overall, our markets will remain subdued, with low liquidity and little movement to the upside.
"Reports of unrest in Saudi have weighed on the Riyadh bourse and that has had a spill-over effect into neighboring markets."
Saudi's index ended near-flat to be down 14.6 percent since early April's three-and-a-half year peak.
Kuwait's index rose 0.03 percent to ease away from Thursday's six-month low.
"Kuwait is off the radar for international fund managers - apart from banks and a couple of telecoms there aren't many bluechips to invest in," said Hameed. "Banks are going through a difficult period, with earnings and margins under pressure and growth prospects limited, while telecoms have their own issues."
Shares in No. 2 telco Wataniya have been suspended since late June, pending regulatory approval for majority owner Qatar Telecom's undisclosed bid for the remaining shares it does not own.
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