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Wed 27 Jan 2016 11:58 AM

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Dubai, Qatar stock markets rise in early trading

Abu Dhabi’s bourse weighed by blue-chip lenders First Gulf Bank and Abu Dhabi Commercial Bank

Dubai, Qatar stock markets rise in early trading
(AFP/Getty Images)

Dubai and Qatar's stock markets rose in early trade on Wednesday following a bounce back in oil prices since those bourses last traded, while blue-chip banks weighed on Abu Dhabi.

Brent crude was at $31.74 as of 0643 GMT, down 1.1 percent for the day, but it had been trading below $30 when the Dubai and Qatar markets closed on Tuesday.

Dubai's index rose 0.9 percent in brisk early trading - volumes in the first 15 minutes were more than double those of the previous session.

Deyaar Development was the top gainer, jumping 5.0 percent after the developer reported a 14 percent rise in fourth-quarter net profit on Tuesday. Profit came in at 101.5 million dirhams ($27.63 million) compared to an analyst's forecast of a net loss of 28.9 million dirhams.

Rival developer Emaar Properties was up 2.2 percent.

Abu Dhabi's bourse slid 0.4 percent. Blue-chip lenders First Gulf Bank and Abu Dhabi Commercial Bank were the main drags, falling 2.4 and 0.9 percent respectively.

But Dana Gas, the natural gas explorer, was up 2.5 percent to claw back most of the previous day's 2.4 percent drop.

In Qatar, the exchange climbed 0.4 percent as energy-linked companies made gains, with Gulf International Services and Qatar Gas Transport Co. both advancing more than 2 percent.

Vodafone Qatar rose 1.5 percent. The telecom operator plans to review its costs in an effort to maintain margins after reporting widening losses for a fifth straight quarter on Tuesday.