Three Gulf Bull Markets in Two Weeks as Saudi Stocks Inch Closerby
Doha's benchmark gauge advances more than 20% since Jan. 18
Saudi shares up 17% from low; trading in Kuwait rises
Gulf Arab stocks are picking up momentum, with Qatari shares on Monday following gauges in Dubai and Abu Dhabi into a bull market.
The QE Index advanced 2.3 percent, taking the measure’s gain since a Jan. 18 low to 22 percent. Abu Dhabi’s ADX General Index entered a so-called bull market on Sunday and Dubai’s DFM General Index reached the milestone last month. The rally has helped lift the Bloomberg GCC 200 Index, a gauge of the biggest and most liquid companies in the six-nation Gulf Cooperation Council, above its 100-day moving average for the first time since July.
Trading volumes on the measure have climbed to as much as three times the one-year daily average in the past week.
Saudi Arabia’s Tadawul All Share Index is closing in on a bull market of its own, having gained about 17 percent since a recent low on Jan. 20. About 74 percent of the gauge’s members are trading above their 50-day moving averages, the highest proportion since June, according to data compiled by Bloomberg.
While Kuwait’s SE Price Index has risen less than 7 percent since its low on Jan. 26, depressed trading volumes that have dogged the market may be starting to reverse. About 290 million shares were exchanged on Sunday, the most in a day since May.