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Brent oil for January settlement climbed 2.1 per cent.
Brent oil for January settlement climbed 2.1 per cent.

Useful lift for UAE bourses from oil price

Markets Update: The country's stock exchanges, Abu Dhabi Securities Exchange and Dubai Financial Market, were boosted amid higher oil prices.

Oil climbed to its highest in a week and local stocks followed suit despite sanctions on Syria triggering concern Middle East inventory may be threatened.

Emaar Properties, the region's biggest developer, jumped 3 per cent to Dh2.57 on the Dubai Financial Market (DFM) exchange. Gulf Navigation, the emirate's only publicly traded oil tanker owner, advanced 4.5 per cent to 23 fils a share. The DFM General Index climbed 1.2 per cent to 1,359.76.

Brent oil for January settlement climbed 2.1 per cent to US$108.59 a barrel on the ICE Futures Europe exchange, based in London. Syria produced an average of 332,000 barrels of crude a day in August, according to the International Energy Agency.

"Higher oil prices on the back of an ease of fears in Europe have triggered a technical rebound after 17 continuous negative trading sessions," said Wadah Taha, the chief investment officer at Al Zarooni Group in Dubai. "The gains are probably short-lived though, because it doesn't take into consideration the broader macroeconomic picture."

In Abu Dhabi, Aldar Properties the capital's biggest developer, added 1 per cent to Dh1. Sorouh Real Estate, the second-biggest, rose 1.1 per cent 92 fils. The Abu Dhabi Securities Exchange General Index rose 0.3 per cent to 2,424.28.

Elsewhere in the region: Qatar's QE Index added 0.3 per cent to 8,587.60; Saudi Arabia's Tadawul All-Share Index added 1.1 per cent to 6,118.64. Markets in Egypt, Oman, Bahrain and Kuwait were closed for an Islamic holiday.

halsayegh@thenational.ae

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