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 12 Apr 2015 12:16 PM

Font Size

- Aa +

Stock markets: Gulf bourses edge up on positive news, background

Emaar, the emirate's largest listed developer, climbed on the back of chairman's comments

Stock markets: Gulf bourses edge up on positive news, background
(Getty Images)

Most Gulf stock markets rose slightly in early trade on Sunday, supported by positive news and gains made by oil and global equities on Friday.

Brent crude rose 2.3 percent on Friday and posted a 5.3 percent weekly gain on lowered expectations that an agreement on Iran's nuclear programme would result in a rapid return of more Iranian oil to the market.

World equity markets tested record highs on Friday on hopes of more stimulus from top central banks. Japan's Nikkei index rose above 20,000 points for the first time in 15 years, while top European shares advanced to their highest since 2000.

Dubai's index edged up 0.2 percent and Emaar Properties, the emirate's largest listed developer, climbed 0.4 percent.

Emaar chairman Mohamed Alabbar on Sunday told the Arabian Business magazine he remained committed to the firm which he has lead since its inception in 1997, despite his participation in other real estate firms.

Qatar's market edged up 0.5 percent as most stocks rose. Aamal Holding led gains, jumping 2.3 percent, after it said it had created a joint venture with German mall operator ECE Projektmanagement to manage shopping centres in Qatar and potentially across the wider MENA region.

Kuwait edged up 0.3 percent, while Abu Dhabi and Oman were nearly flat.

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.