(MENAFN- Bahrain Tribune) Yesterday, the GCC bourses staged a strong rally on investor confidence amidst strong 9M numbers. The twin UAE indices stole the show after the state announced to pump another $19 billion into the local banks. Qatar finished above the 8,300 mark recording its biggest jump this year; Saudi, Oman and Bahrain followed suit. However, losses in key stocks kept Kuwait below the centreline.
Bahrain
Across-the-board buying propped-up Bahrain 2% over the fence - the market closed at 2,371. The banking sector led yesterday's rally as Al Salam Bank (+10%) hit its upper circuit and National Bank of Bahrain (+7%) closed at the day's peak of BD0.750; Seef Properties and Gulf Finance House soared 10% and 9%, respectively. Conversely, Bahrain Mari & Mer Intl fell to the floor of 10%; Nass Corp also crumbled 10%.
Oman
Minimising its yearly losses to 15%, Oman continued to move steadily on the recovery path - the MSM Index gained over 8% as volumes extended support. All the sectors pocketed around 8%. Volume and turnover leader Bank Muscat soared nearly 10%; Omantel scaled 8%, taking its four-day gains to 25%. Oman Cables and ONIC Holding also jumped 10% each. In contrast, Salalah Mills and Muscat National Holding dropped marginally.
Kuwait
After opening on a strong note (55 points or 0.5%), selling woes in the services and banking sectors weighed upon Kuwait, as the KSE Index closed 31 points lower. National Bank of Kuwait fell 3%, Zain dropped 5%, and Hits Telecom Holding descended 9%. Meanwhile, the industrial sector extended gains - Mena Holding ascended 8%. Mabanee surged 9%. Saudi Paced by healthy buying across sectors, the TASI gathered another 7% to finish at 6,829. The banking (+1,290 points) sector continued to be on the top-slot with Al Rajhi Bank and Alinma Bank profiting 8% and 9%, respectively; Qassim Agri hit its upper limit of 10%. Conversely, Yanbu Cem eroded 4% and Malath Insurance lost 3%.
Qatar
Boosted by the Qatar Investment Authority's decision to buy 10-20% capital of banks listed on the exchange and healthy quarterly financials, the DSM rallied strongly for the second straight session. Industries Qatar zoomed 10%, after reporting a two-fold jump in profits to QR7.2 billion; Doha Bank and Qatar Islamic Bank shot-up 10% each. The A/D ratio was impressive at 42:0.
Dubai
Leading yesterday's gains across the region, Dubai surged nearly 11% on sharp increase in the prices of Emaar (+15%) and Dubai Islamic Bank (+15%). Save for a hitch in materials, all the sectors touched new heights with Real Estate strengthening 893 points. Most biggies celebrated - Amlak Finance, Shuaa Capital, DFM Co all profited 15%. Despite the delight, International Finance Advisors plunged 10% on a single trade; National Cement lost 3%.
Abu Dhabi
Taking its two-session gains to 15%, the ADX Index added over 7% on all round buying binges. The banking sector led the advancers - AD Commercial Bank touched its ceiling of 10%. Both Aldar Properties and AD Islamic Bank climbed 10%. However, Al Dhafra Insurance and AD National Insurance slumped 10% each.
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