Abu Dhabi’s Shares Lead Gulf Market Rally After Oil Price Jump - Bloomberg

Abu Dhabi’s Shares Lead Gulf Market Rally After Oil Price Jump - Bloomberg:



"Shares in Abu Dhabi rose to the highest level in three weeks, leading gains in Gulf Arab markets, after crude oil surged the most in more than two years. Dubai’s stocks also advanced.



The ADX General Index (ADSMI) added 1.9 percent to 4,567.47, the strongest since Dec. 29, at 12:05 p.m. local time. First Gulf Bank PJSC led the increase with a 2.4 percent jump. Dubai’s DFM General Index (DFMGI) rose 1.6 percent and was headed for the highest level in almost three weeks and Qatar’s QE Index climbed 0.7 percent.



Brent, the benchmark for more than half the world’s oil, surged 5.2 percent, the most since June 2012, to $50.17 a barrel on Jan. 16. The International Energy Agency lowered its forecast for supply from non-OPEC oil producers this year. Four out of six Gulf Cooperation Council states are part of the 12-member Organization of the Petroleum Exporting Countries."



'via Blog this'