Shares in Dubai hit their highest level of the year so far on Monday as emerging-market stocks continued to trend upwards, taking their cue from China.
The Shanghai Composite closed up 2.4 per cent, on speculation that Chinese authorities will unveil further stimulus measures after recent disappointing economic data.
Bloomberg’s GCC 200 Index advanced, as regional equities received a boost from speculation that Opec members will discuss measures to stabilise prices during informal talks next month.
Brent crude futures rose as high as US$47.59 per barrel early in the day before trading at $47.14 per barrel during the late afternoon.
Shares in Dubai lead gains across the Arabian Gulf, hitting their highest level since October, climbing 0.9 per cent to 3,602.47.
Emaar Properties rose 1.3 per cent to a fresh 12-month high of Dh7.44, while DIB finished up 1.4 per cent at Dh5.54.
Shares in Drake and Scull International meanwhile fell for the fourth consecutive day, closing down 3.7 per cent at 52 fils, after the contractor posted a Dh207.6 million loss for the second quarter.
The Abu Dhabi Securities Exchange General Index closed up 0.7 per cent at 4,559.90, led by banking stocks. The Bellwether FGB ended 0.1 per cent higher at Dh12, while shares in both ADCB and NBAD rose about 0.1 per cent.
Saudi Arabia’s Tadawul opened in positive territory before reversing direction to end the day down 0.2 per cent.
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