Gulf rises on improved global backdrop

Dubai's index gained 2.9 percent, with Emaar Properties up 3.1 percent and DAMAC Properties climbing 2.9 percent. (File photo: AP)

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.

SHOW MORE
Last Update: Wednesday, 20 May 2020 KSA 09:46 - GMT 06:46
Top