The UAE and Saudi stock markets rose on Monday amid the spurt in oil prices in the wake of the OPEC+ move to curtail production.
Improved investor sentiments also helped the two markets to make gains.
The Abu Dhabi bourse saw blue-chip communication stocks leading the gainers list, while property major Emaar drove the Dubai Financial Market’s best performance in a month on Monday.
In Abu Dhabi, Index FADGI closed 0.752 percent higher at 9,501.150 pts, buoyed by robust trading over telecom firms, including Sudan’s SUDATEL, (11.81 percent up), Qatar’s QTEL (10.89 percent up) and Etisalat (3.35 percent up).
Abu Dhabi Islamic Bank also maintained its upward rally, closing up 5.01 percent, while property giant Aldar closed 2.8 percent up.
In Dubai, property blue-chip Emaar led the rally, closing 3.21 percent up at AED5.780, with Emaar Development following suit, ending the session higher 1.09 percent at AED5.570.
Saudi Stock Index (TASI) ended 107.27 points higher on Monday to close at 10806.89 points, with deals worth SAR6.6 billion.
The number of traded shares reached 229 million, with shares of 146 companies increasing in value.
The Saudi Parallel Stock Index (NOMU) closed higher today, gaining 130.58 points to close at 20117.77 points, with a trading amount worth SAR15.9 million.
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