Oil price recovery boosts UAE stock markets

UAE's two main bourses ended Monday at their highest level in about four weeks.

Rising oil prices helped UAE stocks extend gains on Monday, with the country’s two main bourses ending at their highest level in four weeks.

Saudi Arabia’s decision late on Sunday to raise prices for crude oil sales to Asia resulted in the Brent benchmark rising by nearly US$2 per barrel in early trading on Monday, bolstering optimism on Gulf stock markets.

The Dubai Financial Market General Index closed in positive territory for the seventh consecutive day, its longest winning streak since last August. The index closed up 1.23 per cent at 3,710.54.

Gulf Navigation led gains, with its shares rising 10.39 per cent to 25.5 fils.

Also among the winners was Union Properties, which posted its highest one-day gain since January on news that it had signed a memorandum of understanding with Saudi Arabia’s Naif Alrajhi Investment to develop real estate projects in the kingdom. Its shares ended up 7.92 per cent at Dh1.09.

In the capital, the Abu Dhabi Securities Exchange General Index marked its sixth consecutive daily rise, its hottest streak since October, closing up 0.25 per cent at 4,553.72.

The real estate firms RAK Properties and Eshraq Properties were among the main movers of the day, rising 1.49 per cent and 1.35 per cent respectively.

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