Arabian indexes make gains

Shares across the Arabian Gulf finished mostly higher in line with rising emerging market indexes, as Asian currencies rose against the US dollar.

The yuan surged against the dollar for a second consecutive day in the wake of curbs on the currency’s outflows, recording its best two-day run against the dollar since 2010.

The MSCI Emerging Markets Index rose to a three-week high yesterday following the release of minutes from last month’s US Federal Reserve meeting. The minutes suggested a degree of uncertainty over monetary policy under Donald Trump’s upcoming presidency, leading many investors to believe that rate rises are less likely.

Oil prices were little changed around midday, Brent crude trading slightly higher at US$56.64 a barrel in the late afternoon.

The Dubai Financial Market General Index hit a three-week high, rising for a fifth straight session thanks to gains by Dubai Investments and DIB.

Du took the shine off gains, ending down 1.3 per cent at Dh6.17, with Emaar Properties and DXB Entertainments also slipping.

The key share index in Abu Dhabi closed up by 0.7 per cent at 4,601.96, its highest level since late July, thanks to a 2.8 per cent gain by ADCB.

Etisalat and Julphar were among the other main gainers, rising by 0.3 per cent and 2.8 per cent, respectively.

Shares in Saudi Arabia opened higher but drifted lower towards the end. The Tadawul finished 0.01 per cent up at 7,198.73.

In Doha, the Qatar Exchange closed up nearly 0.3 per cent at 10,717.34, due to gains by Ezdan Holding and Industries Qatar.

Follow The National's Business section on Twitter