Dubai’s benchmark share index jumped to its highest level in more than a decade on Thursday, lifted by real estate and industrial stocks, while most other markets in the Gulf also gained amid stronger oil prices.
Oil prices, a catalyst for the Gulf’s financial markets, were up 0.1% on hopes for additional fiscal stimulus in China and an anticipated decline in US crude inventories. Brent was trading at $73.064 a barrel by 0805 GMT.
Dubai’s benchmark stock index rose 0.4% to 5,101, its highest in more than 10 years, extending gains for a third straight session.
Emaar Development advanced 1.2% and toll operator Salik Company added 0.6%.
Meanwhile, Dubai Islamic Insurance & Reinsurance slipped 2.3% after the insurer reported accumulated losses at 73% of capital by the end of the third quarter.
Saudi Arabia’s benchmark stock index was up 0.2%, with most sectors in the green.
Most Gulf markets muted as concern lingers over fewer Fed rate cuts
Al Yamamah Steel Industries rose 1.8% as the steelmaker posted a full-year net profit and declared a cash dividend of 0.5 riyal per share.
Arabian Contracting Services gained 2.3% after the advertising company signed a 563.2 million riyal contract with the Royal Commission for Riyadh City.
The Abu Dhabi benchmark index rose 0.2%, supported by a 1% increase in Emirates Telecom and a 0.7% gain in conglomerate Alpha Dhabi Holding.
Abu Dhabi Ports, however, slid 1.4%.
The port operator said on Wednesday it had completed the integration of Noatum Group’s assets into its existing business structure.
The Qatari benchmark index eased 0.2%, weighed down by a 0.7% drop in Qatar Islamic Bank and a 0.5% loss in Qatar Gas Transport.
Comments