Markets Update: Local stocks boosted on Monday as Brent rises 1.2 per cent to $107 a barrel on Monday.
Rise in oil price fuels Dubai's stockmarket
Dubai's shares rose today, boosted by higher oil prices, on speculation that demand will remain resilient as European policymakers take steps to tame the its debt crisis.
Emaar Properties, the region's biggest developer, gained 1.2 per cent to Dh2.52 a piece. Dubai Financial Market Company, the only bourse in the region to ever sell its shares to the public, jumped 2.2 per cent to 92 fils. The DFM General Index gained 0.6 per cent to 1352.21 points.
Brent oil for January settlement climbed 1.2 per cent to $107.63 a barrel on the London-based ICE Futures Europe exchange. The International Monetary Fund is preparing a €600 billion-loan for Italy in case the debt crisis worsens, Bloomberg cited an Italian daily.
Abu Dhabi's Aldar Properties rose 1 per cent to Dh1 a piece. The ADX General Index rose 0.3 per cent to 2425.05 points.
Elsewhere in the region, Qatar's QE Index added 0.2 per cent to 8581.63 points. The Saudi Tadawul All-Share index was down 0.1 per cent to 6047.91 points. Markets in Egypt, Oman, Bahrain and Kuwait are closed for an Islamic holiday.