Gulf markets edge higher following volatile session

Markets Update: Gulf markets edged higher in early trading as world markets mulled the impact of European election results on the continent's sovereign debt crisis.

Gulf markets edged higher in early trading following a volatile session on Monday, as world markets mulled the impact of European election results on the continent's sovereign debt crisis.

The Dubai Financial Market General Index nudged 0.2 per cent upwards to 1,567.95, while the Abu Dhabi Securities Exchange General Index was flat at 2,488.73.

Markets in Qatar, Kuwait, Oman and Bahrain also made tentative gains.

In Dubai, stocks including Emaar Properties, Tamweel and Tabreed edged upwards.

World markets trembled after the results of elections in France and Greece showed big gains for anti-austerity parties on Monday. The dip went into reverse later in the European trading day, while Asian markets bounced back in the early hours of the morning.

The Nikkei 225 crept 0.6 per cent higher to 9,180.00 in early trading, while the Hang Seng Index was flat at 20,331.00.

Stock futures pointed to a lower open in Europe and on Wall Street later today.

Oil prices sank after a brief rebound yesterday, with Brent crude futures falling 53 cents to $113.08 per barrel. Nymex crude closed yesterday at $97.94 per barrel, a 13-week low for the US benchmark.

After markets closed yesterday, Dubai Financial Market Company reported a surge in earnings as a result of an increase in trading volumes during the bull run on the emirate's markets since the start of the year.

The Gulf's only listed stock exchange operator reported quarterly profits of Dh30.4m, up from Dh2.1m during the same period a year earlier.

The shares were unchanged at Dh1.09 each in early trading.