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MIDEAST STOCKS-Dubai outperforms other Gulf markets in early trade
Tadawul All Shares Index TASI.SA | 12354.04 | -0.07% |
By Md Manzer Hussain
Dec 26 (Reuters) - Dubai's benchmark share index jumped to its highest level in more than a decade on Thursday, lifted by real estate and industrial stocks, while most other markets in the Gulf also gained amid stronger oil prices.
Oil prices, a catalyst for the Gulf's financial markets, were up 0.1% on hopes for additional fiscal stimulus in China and an anticipated decline in U.S. crude inventories.
Brent LCOc1 was trading at $73.064 a barrel by 0805 GMT.
Dubai's benchmark stock index .DFMGI rose 0.4% to 5,101, its highest in more than 10 years, extending gains for a third straight session.
Emaar Development EMAARDEV.DU advanced 1.2% and toll operator Salik Company SALIK.DU added 0.6%.
Meanwhile, Dubai Islamic Insurance & Reinsurance AMAN.DU slipped 2.3% after the insurer reported accumulated losses at 73% of capital by the end of the third quarter.
Saudi Arabia's benchmark stock index .TASI was up 0.2%, with most sectors in the green. Al Yamamah Steel Industries 1304.SE rose 1.8% as the steelmaker posted a full-year net profit and declared a cash dividend of 0.5 riyal per share.
Arabian Contracting Services 4071.SE gained 2.3% after the advertising company signed a 563.2 million riyal contract with the Royal Commission for Riyadh City.
The Abu Dhabi benchmark index .FTFADGI rose 0.2%, supported by a 1% increase in Emirates Telecom EAND.AD and a 0.7% gain in conglomerate Alpha Dhabi Holding ALPHADHABI.AD.
Abu Dhabi Ports ADPORTS.AD, however, slid 1.4%. The port operator said on Wednesday it had completed the integration of Noatum Group's assets into its existing business structure.
The Qatari benchmark index .QSI eased 0.2%, weighed down by a 0.7% drop in Qatar Islamic Bank QISB.QA and a 0.5% loss in Qatar Gas Transport QGTS.QA.
(Reporting by Md Manzer Hussain; Editing by Abinaya Vijayaraghavan)
((mdmanzer.hussain@thomsonreuters.com; +91 8067498453;))