Shares across the Arabian Gulf continued their strong recovery on Sunday, on the back of strengthening oil and global equities.
Trading volumes on the Dubai Financial Market hit their highest level since August, as investors piled back into equities after spending much of this month on the sidelines.
The DFM, which last week rose by 9 per cent, finished up 4.9 per cent at 2,997.77, its highest close in more than three weeks.
Shares in Abu Dhabi registered their biggest one-day gain in more than a year, ending up 3.6 per cent at 4,054.37.
Oil prices continued to strengthen on Friday on speculation that major producers will cut production.
Brent crude futures closed up 2.5 per cent at US$34.74 per barrel. Global equities strengthened in spite of a series of poor US financial results, after the Bank of Japan surprised markets by introducing negative interest rates in a bid to combat deflation. The Nikkei closed up 2.8 per cent on Friday, while the S&P 500 finished 2.5 per cent higher.
Emirates NBD led gains in Dubai, closing up 9.8 per cent at Dh7.69.
FGB led gains in Abu Dhabi, posting its biggest ever one-day gain, closing up 12.3 per cent at Dh11.35.
jeverington@thenational.ae
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