UAE indices end in green

29/02/2016 05:54 AST

Stocks across the Middle East advanced after China’s central bank governor highlighted scope for further policy stimulus in the world’s biggest commodities user.

The Tadawul All Share Index rose 1.9 per cent to 6,092.01, the highest level since Jan. 11. Dubai’s DFM General Index gained 1.7 per cent and Qatar’s QE Index climbed 0.8 per cent.

Abu Dhabi’s ADX General Index advanced for the first time in three days. Kuwait’s SE Price Index rose 0.7 per cent, extending gains for a fourth day, the gauge’s longest winning streak since November.

Emerging-market stocks on Friday ended a three-day losing streak as China’s assurance that it has room to ease monetary policy allayed concern that the nation’s economic slowdown is worsening.

China is the biggest market for crude after the US, and is a key trading partner of countries across the six-nation Gulf Cooperation Council, where oil accounts for the bulk of government revenue.

“The world seems to be a better place this week,” said Saleem Khokhar, the head of fund management and equities at the asset management group of National Bank of Abu Dhabi, the United Arab Emirates’ biggest bank.”Comments from China’s central bank governor, in terms of combating currency speculation, were positive because it’s important for long-term stability in demand for oil.” Saudi Rally Stocks in Saudi Arabia, whose biggest trading partner is China, were led by Saudi Basic Industries Corp., one of the world’s biggest petrochemicals manufacturers by sales.

The company’s shares advanced 3 per cent to the highest level in about two months. Saudi Real Estate Co. gained 4 per cent, the most since Jan. 24, after the company said it hired Boston Consulting Group to prepare a feasibility study and business plan to start two companies.

The Gulf Today