UAE bourses get boost from higher oil prices

Shares in Dubai led gains across the region on Sunday, boosted by stabilising oil prices and a recovery in European and Asian shares.

The Euro Stoxx 50 Price Index rose by 1.8 per cent on Friday, with Hong Kong’s Hang Seng index rising by 2.5 per cent. Brent crude futures ended up 6.3 per cent at US$35.10 for the week. It was the benchmark’s first close of the week above $35 this year.

Regional exchanges were also bolstered on Sunday by remarks by China’s central bank governor hinting that the bank was considering further measures to stimulate the economy, in response to the country’s slowest economic growth in 25 years.

The Dubai Financial Market General Index rose by 1.6 per cent at 3,1736.63, while Abu Dhabi’s headline index closed 0.5 per cent higher at 4,275.69.

Arabtec Holding surged 10.5 per cent to Dh1.26 on its busiest day of trading of the year so far.

Du and Emaar Properties were among the other big names to register gains, up 3.6 and 1.7 per cent respectively.

In the capital, Etisalat rose 2.4 per cent to a 11-year high of Dh17.10.

United Arab Bank and FGB were among a handful of stocks to end the day in the red, falling by 9.7 and 0.8 per cent respectively.

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