|02-01-2015, 02:27 PM||#1|
Gulf bourses rally on surging oil prices, Saudi Arabia payout
Stock markets in the United Arab Emirates (UAE) surged on Sunday early trading; leading gains across the Gulf after a sharp rebound in oil prices and after Saudi Arabia’s King Salman ordered a massive payout to state employees.
Brent crude oil prices jumped 7.9% on Friday to $52.99 a barrel, and U.S. oil prices gained 8.33% to $48.24 a barrel, after reports showed a sharp fall in drilling rigs in the U.S.
Oil rose on bets that U.S. oil production will soon start to recede.
Also, investor sentiment was highly boosted after the new King of Saudi Arabia announced a payout that would amount 8% of the original state budget for 2015 for state employees, comprising of two months of bonus salaries to all state-employees and retired workers, in addition to student payments.
Dubai’s main index jumped 2.6%, with its biggest shares, Emaar Properties and Arabtec Holding rising 3.8% and 4.1% respectively.
Dubai Investments rose nearly 6% after its board announced a higher dividend for 2014 than the year before and also disclosed the acquisition of a local investment company.
Abu Dhabi gained 1.42%, with main support coming from banks.
Qatar rallied 1.0%. Kuwait, Bahrain and Oman added around 0.35%.
Market movements in the region continue to reflect the volatility in oil prices, and are expected to continue doing so until the floor of oil prices is sustained and fluctuations start easing.
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