Abu Dhabi stocks enter bull market, Dubai gains as oil reaches $38

In Abu Dhabi, Union Insurance, Green Crescent Insurance, Methaq Takaful Insurance and Taqa all surged more than 6 per cent.

Abu Dhabi stocks entered a bull market on Sunday, uoyed by financial services, real estate and telecoms.

The benchmark Abu Dhabi Securities Exchange General Index rose 3 per cent to 4,556.43. It is now up 21.9 per cent from its year’s low of 3,736.95 reached on January 21.

Markets in Dubai, Kuwait and Saudi lso rose on the back of gains in Brent crude, which advanced 4.4 per cent n Friday to US$38.72.

In Abu Dhabi, Union Insurance, Green Crescent Insurance, Methaq Takaful Insurance and Taqa all surged more than 6 per cent.

But the boost was provided by blue chips including First Gulf Bank, which advanced 4.7 per cent, Abu Dhabi Islamic Bank up 3.3 per cent and Etisalat, which gained 3.6 per cent

On the Dubai Financial Market, financial services and real estate stocks led the rally. The benchmark index surged 2.8 per cent higher at 3,344.18, extending the bull market gains that started on February 22.

Arabtec Holding was the most traded stock, extending its steepest weekly gain in seven years. Traders exchanged about 304 million shares, six times the six-month average. The stock rose 13 per cent to the highest level since October.

* with Bloomberg

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