Shares and commodities reacted positively around the world to the US Federal Reserve’s widely expected decision to raise interest rates.
Arabian Gulf stocks on Thursday experienced their best day in more than four weeks, with Saudi and UAE equities leading regional gains.
The US dollar softened, while the Euro Stoxx 50 was up by about 1.1 per cent late on Thursday afternoon.
In the Arabian Gulf, the Bloomberg GCC 200 Index closed up 0.7 per cent, its best one-day performance since mid-February.
The Dubai Financial Market General Index closed up 1.2 per cent at 3,521.33 on late gains by Emaar Properties.
The developer’s shares surged by 2.7 per cent to Dh7.49, their highest level in 10 days, with Damac Properties and DIB among the other big gainers.
“Buying of some big-cap stocks helped the market bounce back towards the end of the day,” said Sanyalak Manibhandu, the head of research at NBAD Securities In Abu Dhabi.
“Other markets in Asia and Europe reacting positively to the [Fed’s decision] and crude firming on the US inventory decline also helped.”
The strengthening in oil prices continued on Thursday, with Brent crude futures trading at about US$52.28 per barrel in the late afternoon.
Shares in Abu Dhabi witnessed a similar late surge, finishing up 1.1 per cent at 4,424.93 on the back of gains by FGB.
The bank’s shares jumped 2.4 per cent at Dh12.65, with NBAD, Aldar Properties and Etisalat all gaining.
Saudi Arabia’s Tadawul rose nearly 1.3 per cent, with Al Rajhi Bank and Samba leading gains.
jeverington@thenational.ae
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