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31/08/2015 05:24 AST
Dubai’s DFM General Index climbed 1.1 per cent to the highest in more than a week, and Saudi Arabia’s Tadawul All Share Index gained as much as 4.6 per cent before closing 1.1 per cent higher.
Omani stocks led a rally in most equity markets across the Middle East after oil prices had the biggest- weekly jump in more than six years.
The MSM30 Index advanced 1.5 per cent, the most since January, to 5,904.44 at the close in Muscat.
Brent crude closed 10 per cent higher last week, trading above $50 per barrel after data showed second-quarter growth in the US exceeded economist forecasts, spurring renewed investor optimism over the global economic outlook.
“It’s an unbelievable rally considering the battering oil took in the past few weeks,” said Wadah Al Taha, the Dubai-based chief investment officer of Al Zarooni Group, who favors investing selectively in regional markets over the short term. The positive close in international markets is also helping sentiment.”
The Standard & Poor’s 500 Index gained 0.9 per cent last week, masking a volatile period in which the US benchmark plunged the most since 2011 to enter a correction, only to rally more than 6 per cent over two days.
The Gulf Today
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
ADX 4,608.97
23.76 (0.52
DFM 3,091.15
-9.24 (-0.30
Ticker | Price | Change |
---|---|---|
EMIRATESNBD | 10.65 | 0.05 (0.47 |
EIB | 9.50 | 0.00 (0.00 |
EMAAR | 5.61 | -0.03 (-0.54 |
EMAARMALLS | 2.16 | 0.00 (0.00 |
DIB | 5.30 | 0.00 (0.00 |
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