Dubai: Dubai index gained the most in Gulf region on Sunday, after global markets and crude oil recovered on Friday.
The Dubai Financial Market General Index gained as much as 4.87 per cent before ending the session 3.49 per cent higher at 4,419.36.
Saudi Arabia’s Tadawul index jumped more than 4 per cent, making it the second biggest jump in the region. Qatar’s QE index gained as much as 2.3 per cent.
The Abu Dhabi ADX General Index also ended 0.53 per cent higher at 4,793.55.
“It was very strong technical rebound. There are still some good opportunities for short-term investors. There are some companies in telecommunications real estate and banking sector, which are still at discount,” Sebastien Henin, head of asset management at The National Investor told Gulf News.
European and US stocks rebounded on Friday as investors snapped up bargains taking support from comments made by European Central Bank’s official.
ECB board member Benoit Coeure said the Eurozone’s lender will begin buying private-sector debt instruments within days as part of its drive to beef up the bank’s assets and channel money into the economy.
