We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sun 28 Dec 2014 12:02 PM

Font Size

- Aa +

Gulf markets shrug off weaker oil

In the wake of the Saudi state budget, investors in Gulf appear to be less worried about oil price moves

Gulf markets shrug off weaker oil

Gulf stock markets rose in early trade on Sunday, shrugging off a fresh decline in the price of oil after Saudi Arabia's government said at the end of last week that it would maintain spending at high levels in 2015.

Brent crude fell back below $60 per barrel on Friday as the dollar strengthened and as a supply glut in top consumer United States trumped worries about falling exports from Libya.

But in the wake of the Saudi state budget, investors in Gulf appear to be less worried about oil price moves.

Dubai's index rose 1.6 percent as most stocks gained. Shares in retail start-up Marka jumped 4.0 percent after it said it had agreed to buy sporting goods retail firm Retailcorp from Dubai World for AED220 million ($60 million).

The move will make Marka, which listed this year, operationally profitable in 2015, it said.

Abu Dhabi's index edged up 0.7 percent on the back of blue chips such as First Gulf Bank and Etisalat , up 1.2 and 0.5 percent respectively.

Qatar's bourse rose 1.6 percent. Property firms Ezdan Holding and Barwa Real Esatate were the main support, surging 5.3 and 4.2 percent respectively.

Arabian Business: why we're going behind a paywall

For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.