Monday 23 March 2015

MIDEAST STOCKS-Dubai's Arabtec helps UAE outperform sluggish Gulf | Reuters

MIDEAST STOCKS-Dubai's Arabtec helps UAE outperform sluggish Gulf | Reuters:



"A rebound by Dubai builder Arabtec lifted the mood of investors in the United Arab Emirates stock markets on Monday, while other bourses in the Middle East moved very little as oil once again halted its advance.



Brent oil slipped 0.2 percent and traded near $55 per barrel after Saudi Arabia indicated it was now pumping near a record high of 10 million barrels per day, adding to concerns about global oversupply.



Petrochemicals giant Saudi Basic Industries (SABIC), whose earnings are sensitive to oil prices, slipped 0.5 percent, but the kingdom's main stock index added 0.1 percent thanks to foodmakers Savola Group and Almarai ."



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