|01-19-2015, 06:17 PM||#1|
Gulf bourses edge higher despite oil price decline
Gulf stock markets advanced on Monday, with the focus on fourth-quarter corporate results, but gains were muted as oil prices weakened slightly.
Oil’s rebound at the end of last week had provided a slight boost to equities in the region, but Brent crude fell below $50 a barrel in Asian trade earlier amid expectations of weak Chinese data.
The sentiment in markets is improving and volatility seems to have eased but with the support of company earnings reports that are taking the mind of retail investors away from fluctuating oil prices.
The Dubai Financial Market advanced 1.3%, with help from heavyweights Dubai Islamic Bank and Emaar Properties.
Amanat Holdings and Dubai Parks and Resorts joined Dubai’s main index today, but the inclusion did not generate interest in their shares.
Amanat was unchanged, while Dubai Parks and Resorts was slightly lower. Both companies, who went public late 2014, are now trading below their par prices.
Qatar gained 0.35% and Abu Dhabi advanced 0.44%.
Kuwait retreated slightly after local media reported that the country’s finance minister had told the parliament they falling oil prices will result in a budget deficit before 2017, and amidst expectations for more cuts on government energy subsidies.
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