Gulf markets edge up on positive gains made by oil

World equity markets tested record highs on Friday on hopes of more stimulus from top central banks. (File: Reuters)

Most Gulf stock markets rose slightly in early trade on Sunday, supported by positive news and gains made by oil and global equities on Friday.

Brent crude rose 2.3 percent on Friday and posted a 5.3 percent weekly gain on lowered expectations that an agreement on Iran's nuclear program would result in a rapid return of more Iranian oil to the market.

World equity markets tested record highs on Friday on hopes of more stimulus from top central banks. Japan's Nikkei index rose above 20,000 points for the first time in 15 years, while top European shares advanced to their highest since 2000.

Dubai's index edged up 0.2 percent and Emaar Properties, the emirate's largest listed developer, climbed 0.4 percent.

Emaar chairman Mohamed Alabbar on Sunday told the Arabian Business magazine he remained committed to the firm which he has lead since its inception in 1997, despite his participation in other real estate firms.

Qatar's market edged up 0.5 percent as most stocks rose. Aamal Holding led gains, jumping 2.3 percent, after it said it had created a joint venture with German mall operator ECE Projektmanagement to manage shopping centers in Qatar and potentially across the wider MENA region.

Kuwait edged up 0.3 percent, while Abu Dhabi and Oman were nearly flat.

 

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Last Update: Wednesday, 20 May 2020 KSA 09:47 - GMT 06:47
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