Stock markets: Greek optimism boosts Gulf bourses in early trade

Amlak Finance was the most heavily traded stock, rocketing 11.6%
Stock markets: Greek optimism boosts Gulf bourses in early trade
UAE stock exchange, Dubai bourse
By Reuters
Mon 22 Jun 2015 12:24 PM

Most Gulf stock markets rose in early trade on Monday, aided by hopes that last-minute proposals to creditors will enable Greece to avoid defaulting on its debt.

The chief-of-staff to European Commission President Jean-Claude Juncker tweeted that the latest proposal from Greece to was a "good basis for progress". This helped to boost Asian stock prices and lift oil off its lows.

Dubai's main index was up 1.0 percent at 4,136 points after two hours with trading volume exceeding the total for all of Sunday.

The index rose above technical resistance on its 200-day average, now at 4,099 points. It has failed to break cleanly above the average three times since early May. Any clean break - at least two straight daily closes above that mark - would be a bullish signal.

Amlak Finance was the most heavily traded stock, rocketing 11.6 percent. It has been swinging wildly and dominating activity since it resumed trading this month after a multi-year suspension due to a debt restructuring.

Gulf Finance House fell 1.1 percent after saying the Bahrain Chamber for Dispute Resolution had dismissed a suit which it had filed to recover $60 million. It said it would appeal the decision.

Abu Dhabi stocks climbed 0.6 percent and Qatar was flat. Ezdan Holding gained 0.9 percent; it has been rising since its foreign ownership ceiling was raised on Thursday to 49 percent from 25 percent.

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