Oil price uptick lifts Dubai Financial Market
UAE stocks rose on Sunday after oil prices closed higher at the end of trading last week.
The international oil benchmark Brent closed Thursday up 1.4 per cent to US$37.89 a barrel, while West Texas Intermediate inched up 1.6 per cent to $38.10 a barrel. International markets were closed Friday for the Christmas holiday.
Regionally, investors in the UAE and wider Arabian Gulf region are waiting for government budgets, particularly from Saudi Arabia, to come out and for new measures to be announced to shore up revenue that has dwindled from lower oil prices.
“In the coming few weeks, markets will be driven forward by domestic factors rather than oil prices or international markets,” said Muhammad Shabbir, the head of equities at Rasmala Investment Bank in Dubai. “We need to keep an eye on what new changes or new rules are announced domestically.”
The Dubai Financial Market General Index’s gained 0.75 per cent to 3,160.92.
The builder Arabtec rose 2.4 per cent to Dh1.27, while the Bahrain-based Islamic investment bank Gulf Finance House increased 3.85 per cent to485 Bahraini fils.
The Abu Dhabi Securities General Market Index inched up 0.11 per cent to 4,246.52, led by bank stocks.
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Published: December 27, 2015 04:00 AM