Shares across the Arabian Gulf ended in positive territory on Tuesday, as oil prices rose to a four-month high.
Brent crude futures continued their recent rise ahead of next week’s oil producers’ meeting in Doha, climbing by 0.7 per cent to $43.15 per barrel by late afternoon.
“The expectation that oil producers will agree on production caps at their meeting in Doha this Sunday is also bound to be playing its part,” said Commerzbank’s commodities team on Tuesday.
Oil’s rise had a positive impact on global equities, particularly within the region, with all but Kuwait’s main index ending in positive territory.
The Dubai Financial Market General Index rose by 1.4 per cent to 3,473.82, the highest close since November.
Emirates NBD and Emaar Properties were the main gainers, rising by 4.9 per cent and 1.4 per cent respectively.
Bank stocks led a 0.3 increase in Abu Dhabi’s shares to a three-week high of 4,408.15.
UNB and NBAD were the main gainers, closing up 1.9 per cent and 1.5 per cent, while index heavyweight FGB closed 1.2 per cent higher at Dh12.10.
Saudi Arabia’s Tadawul All Share Index ended the day up 1.4 per cent at a three-week high of 6,403.6.
jeverington@thenational.ae
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