|12-29-2014, 11:23 PM||#1|
Gulf stock markets maintain rally even with Brent below $60
Stock markets in the Gulf were fairly higher on Sunday, ignoring the decline in oil prices after the government of Saudi Arabia said that spending would be sustained at high levels into 2015.
Brent crude oil prices dropped below the $60-a-barrel mark on Friday, weighed down by continued dollar strength and a supply surplus in the U.S.
Dubai’s benchmark jumped 2.38% with most shares rising. Shares in Marka surged 5.6% after the company announced it had signed an agreement to buy retail firm Retailcorp from Dubai World for AED200 million ($60 million).
Marka will therefore become operationally profitable in 2015, the company’s statement said.
Abu Dhabi gained 0.8%, helped by First Gulf Bank and Etisalat.
Qatar’s benchmark added 1.75%, boosted by Ezdan Holding and Barwa Real Estate.
Investors seem to have shrugged off oil’s fall and chose
Saudi Arabia’s Tadawul rose for the sixth straight day after the government announced plans to increase spending. The Tadawul All Share Index was last up 0.6%.
Saudi Arabia’s government announced on Thursday it will raise government spending by 0.6% to an all-time high in 2015, even with a large deficit as it will be covered with its massive fiscal reserves.
Investors have eased or maybe stopped aggressive adjustments of positions regarding oil fluctuations, and trading volumes have declined.
The stabilization in the stock market could also be due to many investors leaving markets towards the end of the year, and it is possible that volatility could return after year-end as retail investors who have left the market return.
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