UAE, Saudi stock markets jump ahead of Opec+ meeting

Dubai - Abu Dhabi Securities Market jumped 4.2 per cent, while Dubai Financial Markets rose two per cent.

The UAE stock markets led the rally on the major GCC bourses on Thursday on the hopes of Opec+ reaching an agreement and the rise in US markets on Wednesday.

Abu Dhabi Securities Market jumped 4.2 per cent to 4,029 points, led by gains First Abu Dhabi Bank, Manazel, Taqa, Sudan Telecom and Eshraq Investments.

Dubai Financial Markets rose two per cent to 1,802 points, boosted by gains in property scrips. Deyaar was the top gainer in the morning trade, rising 5.8 per cent, followed by 5.57 per cent jump in Union Properties, 5.16 per cent surge in Ajman Bank and 5.0 per cent gain in Emirates NBD shares. DFM and Gulf Navigation shares also gained nearly four per cent in the morning trade.

Oil prices gained on Thursday as WTI crude rose 5.7 per cent to $26.53 and Brent gaining three per cent to $33.84 ahead of the meeting.

The US stock markets climbed on Wednesday as investors were encouraged by hopeful signs about the coronavirus outbreak in the US, with health insurers getting an additional boost from the announcement that Democratic presidential candidate Bernie Sanders was suspending his campaign.

Saudi Arabia's Tadawul, the largest market in the region, was also up over half a per cent to 7,037 points while Muscat Securities Market rose 0.43 per cent. Other three bourses, Boursa Kuwait, Bahrain Bourse and Qatar Stock Exchange were trading in the red.

Kuwaiti bourse plummeted 4.6 per cent as the country confirmed 112 new cases on Wednesday. Qatar and Bahrain stock exchanges were down by 0.16 per cent and 1.34 per cent in the morning.

waheedabbas@khaleejtimes.com