Gulf bourses rise after Russia raises oil output issue

28/01/2016 12:02 AST

Stock markets in United Arab Emirates and Qatar rose in early trade on Thursday as oil prices held above $30 a barrel.

Brent futures surged 4 percent on Wednesday after Russian officials decided they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster prices. The futures edged back down slightly on Thursday to $32.61.

Dubai's share index was up 1.2 percent with volumes picking up. The bourse jumped 2.0 percent on Wednesday.

Gulf Navigation Holding, an oil shipping company, jumped 4.0 percent, heading for its sixth gains in seven sessions.

Dubai Islamic Bank (DIB) was up 2.0 percent. It jumped 5.3 percent on Wednesday when reported higher than expected fourth-quarter net profit.

Rival lender National Bank of Abu Dhabi - listed on the Abu Dhabi bourse and the UAE's largest lender by assets - shed 0.7 percent after reporting a 24.5 percent drop in fourth-quarter net profit.

First Gulf Bank, the largest bank by market capitalisation, was up 1.0 percent.

Abu Dhabi's bourse was up 0.7 percent.

Qatar's exchange edged up 0.5 percent, bolstered by the banking sector.

Qatar International Islamic Bank was up 4.3 percent after reporting earnings. Sector heavyweight Qatar National Bank rose 0.7 percent.


Reuters

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