Mideast Stocks-Dubai index leads major Gulf markets higher | ZAWYA MENA Edition
Major stock markets in the Gulf rose early on Sunday amid firmer oil prices as investors focused on the rollout of COVID-19 vaccines, with the Dubai index leading the gains.
Brent crude on Friday settled up 76 cents, or 1.5%, at $52.26 a barrel after touching $52.48, its highest since March.
Saudi Arabia's benchmark index traded 0.3% higher, with petrochemical firm Saudi Basic Industries among the gainers.
The kingdom's economy shrank more slowly in the third quarter as the government eased some coronavirus restrictions, but the pandemic-hit oil sector continued to struggle, data showed on Thursday.
Dubai's main share index rose 1.1%, buoyed by a 12.4% jump in DAMAC Properties and a 2.3% increase in Emaar Properties.
DAMAC called a board meeting on Wednesday to discuss and consider a potential acquisition.
In Abu Dhabi, the index added 0.5%, with the country's largest lender First Abu Dhabi Bank rising 0.8%.
The Qatari index advanced 1%, on track to end two sessions of losses, led by a 1.6% gain in sharia-compliant lender Masraf Al Rayan and a 1.2% rise in petrochemical firm Industries Qatar.
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