MARKETS

Middle East markets shrug off fresh oil decline

In the wake of the Saudi state budget, investors in Gulf appear to be less worried about oil price moves. (Shutterstock)

Gulf stock markets rose in early trade on Sunday, shrugging off a fresh decline in the price of oil after Saudi Arabia's government said at the end of last week that it would maintain spending at high levels in 2015.

Brent crude fell back below $60 per barrel on Friday as the dollar strengthened and as a supply glut in top consumer United States trumped worries about falling exports from Libya.

But in the wake of the Saudi state budget, investors in Gulf appear to be less worried about oil price moves.

Dubai's index rose 1.6 percent as most stocks gained. Shares in retail start-up Marka jumped 4.0 percent after it said it had agreed to buy sporting goods retail firm Retailcorp from Dubai World for 220 million dirhams ($60 million)

The move will make Marka, which listed this year, operationally profitable in 2015, it said.

Abu Dhabi's index edged up 0.7 percent on the back of blue chips such as First Gulf Bank and Etisalat , up 1.2 and 0.5 percent respectively.

Qatar's bourse rose 1.6 percent. Property firms Ezdan Holding and Barwa Real Esatate were the main support, surging 5.3 and 4.2 percent respectively.
 

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Last Update: Sunday, 28 December 2014 KSA 12:22 - GMT 09:22
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Middle East markets shrug off fresh oil decline
In the wake of the Saudi state budget, investors in Gulf appear to be less worried about oil price moves
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