Gulf rises on improved global backdrop
Gulf stock markets rose in early trade in response to gains on Wall Street
Gulf stock markets rose in early trade on Thursday in response to gains on Wall Street and by Asian bourses, and as Brent crude oil climbed 2.9 percent to $44.40 a barrel in Asian trade.
The better global backdrop encouraged investors who were convinced by Tuesday's strong rebound of Gulf markets that stocks had established a floor for at least the short term - though not necessarily in the longer run.
Dubai's index gained 2.9 percent, with Emaar Properties up 3.1 percent and DAMAC Properties climbing 2.9 percent. Some volatile stocks favoured by local retail investors soared, with Amlak Finance jumping 9.6 percent.
Abu Dhabi's market rose 1.6 percent as Aldar Properties surged 4.6 percent.
Qatar was up 1.7 percent as Gulf International Services, the most heavily traded stock, added 4.6 percent. The drilling rig provider is closely correlated with oil prices.
Also Read
-
Gulf stock markets partly recover amid firmer oil prices
Dubai's index, which had plunged 11 percent over the three previous sessions, finished 4.6 percent higher Financial Markets -
Gulf markets rally modestly on Greece, Egypt falls
The region's biggest gainer of the day was Dubai which could benefit the most from increased foreign trade and investment in Iran if the sanctions are lifted Energy -
Saudi, other Gulf stock markets decline on weak Asian counterparts
Gulf stock markets were soft in modest volumes Wednesday due to a slide in Asian stock markets prompted by China’s equities crash and to weak oil prices Economy -
Gulf markets soft on weak Asian bourses
The Dubai stock index slid 0.8 percent Financial Markets
