Dubai index leads Gulf region higher as oil rebounds

Dubai: The Dubai index led gains, regionally helped by rebounding crude oil and record rally in US markets on Friday.

The Dubai Financial Market General Index ended 2.06 per cent higher at 4,172.14, still below the keenly watched 4,200 level.

“The results have been coming good in the UAE, this factor along with strong crude oil came in support of the market,” said Saleem Khokhar, head of equities at National Bank Abu Dhabi’s asset management group. “We are in a positive mode and I hope the markets continue its rally.”

Brent crude hit a 4-1/2-month high of $65.80 (Dh241.48) on Friday because of continued fighting in Yemen and, although US crude fell on concerns about another upcoming stock build, both benchmarks posted weekly gains.

Saudi’s Tadawul All Share TASI index, which is the second biggest gainer, ended 1.15 per cent higher at 9,725.17.

“Saudi Arabia has also been performing well after the strong results from Saudi Basic Industries. We are reaching technical resistance in terms of the Saudi market,” Khokhar said.

Abu Dhabi Securities Exchange General Index ended 0.75 per cent higher at 4,666.39, while Qatar Exchange Index ended almost flat at 12,040.06.