Dubai shares rise as oil price jumps
Dubai shares rallied yesterday after oil prices jumped 8 per cent on Friday, the strongest one-day surge in nearly three years.
Dubai Financial Market Company, the listed shares of the stock exchange, rocketed 9.4 per cent to Dh2.08.
West Texas Intermediate on Friday jumped to $48.24 a barrel after Baker Hughes said that rig count in the US dropped by 94, leaving 1,223 rigs in service. The development raised concerns that another 300 rigs could be out of operation in the next few months.
“Liquidity is still tight, but the rebound is because of oil prices. It’s the first time they’ve closed up in weeks,” said Nabil Farhat, a partner at Al Fajer Securities in Abu Dhabi.
Property firms led the gains on the Abu Dhabi Securities Exchange.
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Updated: February 1, 2015 04:00 AM