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Sun 31 Jan 2016 01:05 PM

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Saudi, UAE stocks surge after oil rises

Emaar, Aldar gained in early trading in Dubai and Abu Dhabi

Saudi, UAE stocks surge after oil rises

Saudi Arabia and UAE's stock markets rose sharply in early trade on Sunday, led by petrochemical and property companies, after oil prices climbed at the end of last week. Egypt's bourse also gained in response to firmer global equities prices.

The Saudi index jumped 3.2 percent in the opening 20 minutes of trade to 6,071 points. Its 3.2 percent rise on Thursday triggered a minor double bottom formed by the lows since mid-January and pointing up to around 6,300 points.

Beaten-down petrochemical producer Saudi Kayan was the most heavily traded stock, gaining 6.2 percent. But construction firm Jabal Omar fell 0.4 percent after reporting a loss for the fourth quarter.

Dubai's index surged 3.1 percent to 2,945 points in the first hour with real estate blue chip Emaar Properties jumping 4.3 percent.

The index may face resistance between 3,000 points and the late December peak of 3,189.

Abu Dhabi's index climbed 3.2 percent with real estate developer Aldar Properties, the most heavily traded stock, gaining 4.6 percent.

Qatar's index added 1.6 percent as Barwa Real Estate surged 3.7 percent.

Egypt's stock index climbed 1.7 percent on the back of a few stocks such as Elsewedy Electric, up 5.8 percent; most of the 10 most heavily traded stocks were flat.

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