RAMADAN 2013

Gulf stock markets announce Eid holiday closures

Stock exchanges in the UAE will close from Wednesday, according to an official statement. (File Photo: Reuters)

Stock markets in several Gulf countries have announced closures for the Eid al-Fitr holiday, which marks the end of Ramadan.

Kuwait's exchange is to close from Thursday, August 8, according to a bourse statement. It will re-open on August 11 if Eid is on Thursday or on August 12 if it falls on Friday, the statement said.

Oman's stock exchange is due to close for the holidays on Wednesday and resume trading on August 11 if Eid falls on Thursday, or August 13 if it is on Friday.

Stock exchanges in the United Arab Emirates will close from Wednesday, August 7, according to an earlier statement by the Securities and Commodities Authority. The UAE's exchanges will reopen on August 11 or 12, depending on the sighting of the moon.

Some believe that investors will look to book recent gains on UAE bourses ahead of the long holiday.

"Despite a bullish technical and fundamental outlook, some analysts believe the market is due for a correction, especially since retail investors, who tend to look for short-term gains, drove the last leg of the rally in the summer," Reuters reported.

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Last Update: Tuesday, 6 August 2013 KSA 12:35 - GMT 09:35
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