KUWAIT CITY (AFP) – Most Gulf stock markets were trading in positive territory on Sunday after rebounding from falls at the open.
It was the second week of highly volatile trading on the markets in the face of the global financial crisis.
Dubai Financial Market, which dropped about two percent at opening, was up three percent, supported by the market leader, property giant Emaar, which rose by around six percent.
The other United Arab Emirates bourse, the Abu Dhabi Securities Exchange also reversed course and was trading up 2.6 percent after opening down 0.3 percent.
Doha Securities Market opened three percent up, racing above the 8,000-point mark on better-than-expected financial results announced by some companies.
Muscat Securities Market reduced losses and was trading down 0.3 percent, while Bahrain Stock Exchange was down 0.2 percent.
Kuwait Stock Exchange, the second biggest Arab bourse, shed two percent despite a five percent rise at opening by market leader, Zain Telecom.
The market appears to be ignoring assurances by central bank governor Sheikh Salem Abdulaziz al-Sabah on Saturday that liquidity in the emirate is no longer a problem.
The Saudi stock market, the largest in the region, was to start trading at 0800 GMT. It opened the week down 5.2 percent on Saturday after the market leader — petrochemical giant SABIC — posted modest nine month results.
Since the start of October, all seven Gulf bourses have fallen sharply.
Dubai dropped 22.4 percent, Abu Dhabi 15 percent and Saudi Arabia 13 percent. Qatar slumped 16 percent, Oman 14.6 percent and Kuwait 10 percent.