Market Wrap: Commodities surge after inflationary concerns in China and continued protests in Iran, Bahrain and Yemen.
Regional civil unrest causes commodities price surge
Inflationary concerns and continued civil unrest in Bahrain, Yemen and Iran caused a surge in commodities.
Gold rose the most in almost four weeks after China's statistic bureau reported that consumer prices rose 4.9 per cent in January from a year earlier. The bullion, traded on the London Metals Exchange, gained as much as 0.8 per cent to $1372.98 an ounce, the highest since January 19.
Brent Crude added as much as 0.9 per cent fuelled by protests in Iran, Opec's second largest producer after Saudi Arabia, in addition to demonstrations in Bahrain and Yemen. Crude futures for April rose to $103.08, the highest settlement since September 2008.
The Abu Dhabi Securities Exchange General Index gained 0.1 per cent to 2715.91. Traded value on the Abu Dhabi bourse reached Dh79.1 million.
Dana Gas, the gas explorer and producer, declined 1.4 per cent to 69 fils. Aldar Properties declined 1.1 per cent to Dh1.80. Sorouh Real Estate lost 1.5 per cent to Dh1.30.
The Dubai Financial Market General Index rose 0.5 per cent to 1615.82. Air Arabia, which added 0.4 per cent to 84 fils, was the most actively traded stock on the Dubai bourse. Drake and Scull International, the second biggest contractor in Dubai, declined 0.8 per cent to Dh1.13.
Elsewhere in the region, Kuwait's measure declined 0.1 per cent to 6651.40. Bahrain's index added 0.1 per cent to 1470.12. Oman's bourse remained flat at 6994.92. Qatar's measure gained 0.5 per cent to 8981.10. The Saudi Tadawul All-Share Index lost 0.2 per cent to 6606.05.