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Gulf markets rise modestly on back of oil rebound

Dubai's stock index edged up 0.4 percent, mostly on the back of speculative small-cap shares

Published: Updated:

Gulf stock markets rose modestly in early trade on Tuesday after a strong rebound by oil prices overnight.

Moderate trading volumes suggested little energy behind the gains.

Bent crude jumped nearly 6 percent on Monday to $58.24 a barrel, its highest since March 27, although it had partially dropped back to $57.22 on Tuesday morning.

Dubai's stock index edged up 0.4 percent, mostly on the back of speculative small-cap shares.

Gulf Finance House jumped 6.0 percent in very heavy trade after a 15 percent leap on Monday.

The Qatari index climbed 0.5 percent as petrochemical producer Industries Qatar, sensitive to oil prices, gained 0.9 percent and Barwa Real Estate rose 1.0 percent.

Kuwait's market was little changed except for Gulf Finance House, which followed its Dubai-listed shares, and Ithmaar Bank, a Bahrain-based Islamic retail bank, which rose 2.3 percent.

The stock has been strong since April 1 when the Gulf Daily news quoted chief executive Ahmed Abdul Rahim as saying it expected to return to profitability this year.