Arabian Gulf stocks rebounded strongly today, rising in line with global equity indexes following a surge in oil prices.
Shares in Abu Dhabi, meanwhile, jumped on renewed rumours of further mergers in the capital’s banking sector.
Brent crude futures surged to US$47.36 per barrel in early trading todday on renewed hopes of a grand production deal between oil producers at this month’s Opec meeting in Vienna. The commodity slipped to about $46.42 per barrel late in the afternoon.
The commodity’s rise led to a rebound by Saudi shares, following two straight days of sell-offs. The Tadawul ended the day up 2.4 per cent, thanks to strong gains by Jabal Omar and Sabic.
Shares in Abu Dhabi led gains across the region, on rumours that UNB and ADCB may be exploring a merger.
UNB’s shares soared 12.2 per cent to Dh4.48, their highest level in more than three months, while ADCB closed 5.8 per cent higher at Dh6.
The Abu Dhabi Securities Exchange General Index closed up 2.6 per cent at 4,290.44.
Shares in Dubai followed suit, breaking a six-day losing streak, with bellwether Emaar Properties surging 2.8 per cent to Dh6.55.
Drake & Scull International once again dominated trading on the exchange, with about 340 million shares changing hands during the day. The construction firm’s shares closed up 2.3 per cent at 51.8 fils.
DXB Entertainment was the pick of the other big-name gainers, rising 1.9 per cent to Dh1.56.
Dubai’s headline index finished up 2 per cent at 3,262.82.
jeverington@thenational.ae
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