JEDDAH: GCC stock markets climbed Monday, except Kuwait. Saudi stock benchmark Tadawul All Share Index market climbed 0.21 percent Monday at close to 6,357.37points. Qatari exchange jumped 2.6 percent and the Oman index was up 1.3 percent. Bahrain's measure added 0.7 percent. However, Kuwait stocks tumbled 1.6 percent subsequent to Etisalat dropping its $12 billion bid for local rival Zain, both companies being in telecommunications. “There's a lot of volatility, with the market fluctuating and no clear trend because of the security situation in the region, Zain and the large number of companies that have yet to report their full-year results,” said Naser Al-Nafisi, general manager for Al Joman Center for Economic Consultancy in Kuwait. Telecom operator Zain rose 1.5 percent. A company source said it would sign a preliminary contract to sell its quarter-stake in affiliate Zain Saudi by next week. This deal is continuing despite the UAE's Etisalat withdrawing a $12 billion takeover bid for Zain, with the collapse of this deal sending the latter's shares 4.4 percent lower Sunday. Zain earlier offered a 200-fils-per-share dividend, with a 15 percent dividend yield at current prices.
