(MENAFN- Khaleej Times) Gulf stock markets were volatile on Tuesday as oil prices hit new lows, but most bourses eventually edged up on the back of positive corporate announcements and expectations, continuing a trend towards partially decoupling from oil.
Most Gulf bourses opened lower against that background, but then moved into positive territory even as oil plunged further. "The markets fell very steeply in the fourth quarter and hence investors think there is value in this market," said Shakeel Sarwar, head of asset management at Securities and Investment Co (SICO) in Bahrain.
Saudi Arabia's stock index edged up 0.7 per cent as petrochemicals were nearly flat while banks extended their gains after a series of strong fourth-quarter results. Shares in Samba Financial Group jumped 4.5 per cent after it posted a 22.5 per cent rise in its fourth-quarter net profit, beating a forecasts.
Dubai's index rose 1.7 per cent as the two most traded stocks, developer Emaar Properties and builder Arabtec Holding, jumped 4.2 and 3.7 per cent respectively.
Investment bank Shuaa Capital surged 3.3 per cent after the firm said its unit Gulf Finance Corp had raised a Dh500 million ($136.1m) loan which will be used to fund its growth in the UAE and Saudi Arabia.
Abu Dhabi's benchmark rose 1.4 per cent as blue-chip lenders National Bank of Abu Dhabi and Abu Dhabi Commercial Bank climbed 4.5 and 4.4 per cent respectively.
Qatar edged up 0.2 per cent amid a mixed performance. Industries Qatar, which had tumbled stabilised and inched down just 0.07 per cent.
The Bahraini market slipped 0.6 per cent, dragged down by Aluminium Bahrain, which dropped 2.9 per cent after Bahrain's cabinet decided to raise prices of natural gas sold to industrial users.
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