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Gulf markets open positive, except Saudi

Aug 14 2011 12:29 AFP

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Dubai - Stock markets in the Gulf, except Saudi Arabia, opened up on Sunday after a volatile week trailing the behaviour of global markets hit by uncertainty over European and US economic woes.

The Dubai Financial Market index continued its rise on Sunday after returning to the green in the latter part of last week.

The DFM index rose 1.00% up to 1 478.62 points in later morning trading before reducing profits to 0.77% up just after midday. It had closed 0.21% up on Thursday.

The leading shares of Emaar Properties jumped 2.17%.

In neighbouring Abu Dhabi, the general index was up 0.57% at 2 603.48 points, with real estate shares up 2.21% and banks 0.69%.

The market of the capital of the United Arab Emirates had ended last week's tradings in the red, slipping 0.57% down on Thursday.

Qatar Exchange also climbed to the green on Sunday, edging 0.64% up in late morning trading before slowing pace to 0.10%. It had dropped 0.25% on Thursday.

Muscat Securities Exchange of Oman also recovered on Sunday, rising 0.88% to 5 474.040 points after being in the red for all of last week.

The Saudi market, which is the largest Arab bourse, opened its trading week on Saturday with a surge of 1.93% to 6 155.88 points.

The market opened down on Sunday, trading 0.13% lower at 6 147.82 points. The petrochemical sector which was up on Saturday slipped 0.2% into the red, while banks were 0.11% down.

The Kuwait exchange opened 0.05% up at 5 853.6 points, but slipped later 0.1%.

Global markets had recovered on Friday ending a turbulent week as panic and profit-taking sales kept markets on a rollercoaster.

New York's Dow Jones Industrial Average on Friday closed up 125.71 points (1.13%) to 11 269.02.

The broader S&P 500 was up 6.17 points (0.53%) at 1 178.81, and the Nasdaq Composite gained 15.30 points (0.61%) to 2 507.98.

European markets also rallied on Friday with London's FTSE 100 index climbing 3.04% to 5 320.03 points, Frankfurt's DAX climbing 3.45% to 5 997.74 points and the CAC 40 in Paris rising 4.02% to 3 213.88 points.

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