|11-10-2014, 02:05 PM||#1|
Middle East bourses open higher on Monday
Recovering oil prices and a cheerful global sentiment seem to provide Middle East markets with a reason to extend gains on Monday.
Oil prices climbed on Monday, with Brent crude oil adding to its recovery from last week’s four-year low, as tensions resurfaced in Iraq and Ukraine.
Short-term price movements in oil prices have little to no effect on Middle Eastern governments or markets, but the direction of markets during those price movements shows it has some influence on investors in the region.
U.S. jobs data and Chinese trade and inflation data were found positive enough for investors to buy Asian shares higher on Monday. U.S. shares also finished higher on Friday.
The Dubai Financial Market (DFM) gained 0.9%, Qatar’s main index gained 0.1%, and the Abu Dhabi Exchange (ADX) gained 0.75%. Stock markets in Kuwait and Oman also gained early Monday.
Markets in Qatar and the United Arab Emirates led gains on Sunday as the global index compiler MSCI increased the weighting of three stocks in the UAE to its emerging market index.
The DFM also said on it would include the two newly listed companies, Marka Group and Emaar Malls Group on the index on Monday.
The Saudi stock market is yet to open, but is expected to follow the region’s direction.
In individual company news, Kuwait’s Burgan bank said it would open subscriptions for its rights issue next week, with shares priced at a discount to market prices.
Oman Tel rose 0.6% early Monday after it reporting solid third-quarter profit.
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