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Thu 3 Sep 2015 01:48 PM

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UAE markets rebound on oil, strong business growth data

Dubai's bourse, which has suffered the most among Gulf markets from recent volatility, rises 1.8% in early trade

UAE markets rebound on oil, strong business growth data
(AFP/Getty Images)

Beaten-down bourses in the United Arab Emirates rose in early trade on Thursday, while other Gulf markets moved little as the Brent oil price stabilised just above $50 per barrel.

Oil edged down on Thursday morning because of an unexpected build in US crude inventories and a stronger US dollar, but Brent remained above $50, stronger than it was when most Gulf stock markets closed on Wednesday.

Wall Street posted a near 2 percent gain overnight and spread betters expect major European bourses to rise as well.

Dubai's bourse, which had suffered the most among Gulf markets from recent volatility and tumbled 4.1 percent in the two previous days, was the top gainer on Thursday morning and rose 1.8 percent.

Property-related stocks were the main supports, with heavyweight developer Emaar Properties up 3.2 percent and its competitor DAMAC gaining 2.1 percent. Mortgage lender Amlak Finance jumped 3.1 percent.

Abu Dhabi's market rose 1.0 percent with gains across the board.

Business activity growth in the United Arab Emirates' non-oil private sector accelerated in August to a six-month high, a corporate survey showed on Thursday.

Elsewhere in the Gulf, indexes in Oman and Qatar were nearly flat, while Kuwait slipped 0.1 percent.

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