|01-25-2015, 02:46 PM||#1|
Qatar, UAE shares buoyant after ECB stimulus announcement
United Arab Emirates (UAE) and Qatar bourses advanced early Sunday after Saudi Arabia’s untroubled succession in power, and as global equities received a boost from the European Central Bank’s (ECB) new bond-purchasing program.
European shares hit seven-year highs on Friday and MSCI’s emerging markets index added nearly 1% on Friday after the ECB’s announcement. Asian shares soared on Friday, but U.S. shares were brought down by disappointing earnings.
Qatari and UAE stocks included boosted their countries’ indices on Sunday.
Brent crude oil prices advanced on Friday, which helped sentiment in the Gulf.
Following the death of King Abdullah on Thursday, the new King of Saudi Arabia Salman vowed continuity in the country’s foreign and energy policies and took quick action to appoint heirs. Speculation about rifts and problems in the internal palace were quelled.
The Saudi Stock market is expected to open higher on Monday. Saudi Arabia, Kuwait, Oman, and Bahrain’s markets were closed on Sunday, in mourning of King Abdullah’s death.
No major companies in the Gulf have reported earnings since the end of last week, but news on UAE’s Drake and Scull and Arabtec’s awarded contracts.
Dubai’s bourse gained 0.25% and Abu Dhabi’s exchange jumped 1%. First Gulf Bank surged 3% after saying that its board will be reviewing 2014 earnings on Wednesday.
Qatar’s main index advanced 0.77%, boosted by the Qatar National Bank (QNB) which leaped 3.5%.
QNB is seen as the main domestic share that would benefit from inflows into emerging market funds after the ECB accommodative package.
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