(MENAFN- Khaleej Times)Gulf bourses were narrowly mixed as oil prices stayed low on Monday while Egypt's stock market climbed on the back of buying by foreign investors as it reopened after a long Eid Al Adha holiday.
The mood was not too enthusiastic in the oil exporting Gulf as Brent crude dropped two per cent to below $48 a barrel on concern about a weak global economic outlook. Dubai's index slipped 0.8 per cent as trading continued to focus on low-priced speculative shares favoured by local retail investors. As more investors returned from their Eid holidays trading volume rose from Sunday when it was the smallest since April 2013 but it was still low. GFH Financial the most heavily-traded stock fell 0.2 per cent. Blue chip Emaar Properties lost 1.1 per cent. Abu Dhabi's index gained 0.5 per cent but this was mainly because of a 5.9 per cent jump in thinly-traded Abu Dhabi National Energy Co which stayed inside its trading range of the past month. Six of the 10 most heavily traded stocks were lower. Kuwait's market resumed trading after its break for Eid and its index edged up 0.2 per cent with activity concentrated in second-tier stocks. Investors Holding the most heavily traded surged 7.4 per cent. Markets in Saudi Arabia Qatar and Bahrain are to resume trading today after their Eid breaks. The main Cairo index rose 0.9 per cent from last Tuesday's close to finish at 7409 points in active trade with exchange data showing Arab and non-Arab foreign investors were net buyers. The rise was technically bullish as it confirmed a positive short-term reversal pattern for the market which has been in a downtrend since February. The index's rise above the early September peak of 7324 points triggered a bullish right triangle formed by the highs and lows since late August; the height of the pattern points the index up to the 8000-point area in coming weeks. Amer Group surged 5.4 per cent after saying it had won regulatory approval for a previously announced plan to split into two companies which it said would create more business opportunities and boost trading in its shares. Commercial International Bank added two per cent to E54.01 in its highest trading volume in nearly three months.
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