|01-15-2015, 10:45 PM||#1|
Oil price rebound boosts Gulf stocks in early trade
Gulf markets saw a positive opening on Thursday, tracking the global rally that was supported by a rebound in oil prices amid heavy buying on some of the stocks this morning.
The rebound in oil price boosted the risk sentiment towards equities across the globe, especially on Wall Street, after West Texas Intermediate and Brent crude marked their best intraday closing in more than two years. Yesterday, WTI rose 5.64% to $48.48 a barrel. Brent gained 4.51% to $48.69 a barrel.
Dubai stocks rose in early morning trade, with the DFM index rising 2% or 76.35 points to 3,890.4 points, supported the most by gains in financials and industrials.
Kuwait`s benchmark added 0.1% to 1,079.8 points, while the price-weighed index added 0.1% to 6,594 points.
Abu Dhabi, Muscat, Qatar and Bahrain bourses gained at least 1%.
Gulf stocks are expected to hold gains in the lights of the rebound in global oil price as well as positive corporate results during this earnings season.
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