UAE, Qatar join global equities rebound

 24 Jan 2016 - 10:12

UAE, Qatar join global equities rebound
An investor looks up at screens displaying information at the Dubai Financial Market. (Reuters / file photo)


DUBAI: Major Gulf bourses soared more than 4.0 percent in early trade on Sunday, joining a global stock market rally after oil prices rocketed at the end of last week.

Dubai's index rebounded 6.4 percent in the opening minutes of trade, recouping most of last week's losses.

Arabtec and Emaar Properties jumped 10.9 and 8.5 percent respectively.

Abu Dhabi's benchmark jumped 4.2 percent, trimming its losses to 9.4 percent this year.

Blue-chip lenders National Bank of Abu Dhabi and First Gulf Bank, which will start reporting earnings from end of this week, rocketed more than 7.0 percent. Dana Gas surged 10.0 percent.

In Qatar, the exchange was 5.2 percent higher in the first 10 minutes of trade as the majority of shares surged more than 5.0 percent.

Oil-linked companies, Qatar Gas Transport and Gulf International Services jumped 6.4 and 7.7 percent respectively.

Brent LCOc1 surged 10 percent to $32.18 a barrel on Friday, one of the biggest daily rallies ever, as bearish traders who had taken out record short positions scrambled to close them.

The benchmark S&P 500 U.S. equity index rallied 2 percent and registered its first positive week of 2016 and the Dow Jones industrial average .DJI rallied 1.33 percent. The MSCI All Country World Index .MIWD00000PUS rose 2.7 percent.