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Gulf stocks rebound strongly as oil price steadies
(MENAFN- Arab News) KUWAIT CITY: Gulf stock markets rebounded strongly as world oil prices steadied after plumbing multi-year lows calming investor jitters.
Dubai Financial Market Index which had been the region's biggest loser rose 11.5 percent and was trading on 3381.99 points.
Market leader Emaar Properties gained 13.6 percent while construction giant Arabtec added 14 percent.
Dubai had shed a massive 32.6 percent since November 27 when OPEC decided to maintain output levels intensifying the price slide.
Abu Dhabi Securities Exchange was up 6.75 percent to trade on 4366.95 percent.
The Arab world's largest exchange the Saudi Tadawul All-Shares Index gained 5.8 percent to pass the 8000-point psychological barrier on 8081.76 points.
Market sentiment there was further boosted by the Saudi government's decision to tap into its huge fiscal reserves to maintain high spending despite the fall in revenues resulting from the low oil price.
Muscat Securities Exchange rose 3.76 percent to 5688.83 points while Kuwait Stock Exchange added 1.3 percent to reach 6195.94 points
The Bahrain bourse gained 0.6 percent. Qatar Exchange the Gulf's second largest was closed for a national holiday.
Investor sentiment improved after oil prices rallied slightly on Wednesday taking benchmark Brent crude for February delivery above the $60 mark.
Oil prices were little changed in Asia Thursday after data showed US stockpiles dipping.
US benchmark West Texas Intermediate for January delivery fell 27 cents to $56.20 while Brent rose two cents to $61.20 in afternoon trade.
Dubai Financial Market Index which had been the region's biggest loser rose 11.5 percent and was trading on 3381.99 points.
Market leader Emaar Properties gained 13.6 percent while construction giant Arabtec added 14 percent.
Dubai had shed a massive 32.6 percent since November 27 when OPEC decided to maintain output levels intensifying the price slide.
Abu Dhabi Securities Exchange was up 6.75 percent to trade on 4366.95 percent.
The Arab world's largest exchange the Saudi Tadawul All-Shares Index gained 5.8 percent to pass the 8000-point psychological barrier on 8081.76 points.
Market sentiment there was further boosted by the Saudi government's decision to tap into its huge fiscal reserves to maintain high spending despite the fall in revenues resulting from the low oil price.
Muscat Securities Exchange rose 3.76 percent to 5688.83 points while Kuwait Stock Exchange added 1.3 percent to reach 6195.94 points
The Bahrain bourse gained 0.6 percent. Qatar Exchange the Gulf's second largest was closed for a national holiday.
Investor sentiment improved after oil prices rallied slightly on Wednesday taking benchmark Brent crude for February delivery above the $60 mark.
Oil prices were little changed in Asia Thursday after data showed US stockpiles dipping.
US benchmark West Texas Intermediate for January delivery fell 27 cents to $56.20 while Brent rose two cents to $61.20 in afternoon trade.
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