Stock markets in the Gulf climbed in early trade Thursday, taking their cue from Asian shares and Wall Street, after the Federal Reserve left U.S. interest rates unchanged and indicated a slower pace of future hikes.
Dubai’s main index was the top gainer among its regional peers, jumping 1.1 percent as nine-tenths of the traded shares rose.
Emaar Properties, the largest listed developer, climbed 2.2 percent, and Dubai Investments gained 2.0 percent.
In neighbouring Abu Dhabi, the index edged up 0.3 percent. Abu Dhabi National Energy was the top gainer, climbing 2.0 percent.
Brent futures bounced to $47.47 a barrel, up 0.9 percent, as the dollar – the currency in which the commodity trades- was knocked down.
But Dana Gas fell 1.7 percent after it said on Thursday its board had discussed a proposal to buy back shares in the company.
Qatar’s main index rose 0.9 percent with a little under three-fifths of the traded shares advancing.
Some of the chief gainers were this week’s new joiners to the FTSE’s secondary emerging market index. Aamal Co, a large-cap industrial conglomerate, jumped 2.7 percent, and petrochemical producer Industries Qatar rose 1.4 percent.
Saudi Arabia’s stock market is closed on Thursday in observance of the kingdom’s national day holiday. It will resume trade on Sunday Sept. 25.
Source: Reuters
