|Published : 22 Sep 2016, 16:01:08|
Mideast stocks rise with global shares
Mideast stocks were climbed in early trade on Thursday, taking their cue from Asian shares and Wall Street, after the Federal Reserve left US interest rates unchanged and indicated a slower pace of future hikes.
Dubai's main index was the top gainer among its regional peers, jumping 1.1 per cent as nine-tenths of the traded shares rose.
Emaar Properties, the largest listed developer, climbed 2.2 per cent, and Dubai Investments gained 2.0 per cent.
In neighbouring Abu Dhabi, the index edged up 0.3 per cent. Abu Dhabi National Energy was the top gainer, climbing 2.0 per cent.
Brent futures bounced to $47.47 a barrel, up 0.9 per cent, as the dollar - the currency in which the commodity trades- was knocked down.
But Dana Gas fell 1.7 per cent after it said on Thursday its board had discussed a proposal to buy back shares in the company.
Qatar's main index rose 0.9 per cent with a little under three-fifths of the traded shares advancing.
Aamal Co, a large-cap industrial conglomerate, jumped 2.7 per cent, and petrochemical producer Industries Qatar rose 1.4 per cent.
Saudi Arabia's stock market is closed on Thursday in observance of the kingdom's national day holiday. It will resume trade on Sunday Sept. 25, according to a news agency report.