Dubai: Dubai index ended higher, extending gains for a third session in a row, on Thursday helped by global equity markets and strong September quarter results back home. The Abu Dhabi index also ended higher.

The Dubai Financial Market General Index ended 0.60 per cent higher at 4,573.05, after gaining 3.84 per cent in the previous two sessions. The index shed more about 14 per cent last week.

“We saw markets going down in the morning due to international markets, but positive sentiment from Europe helped the market later, “said Tareq Qaqish, the head of asset management at Al Mal Capital.

US stock futures advanced after equities halted a four-day rally yesterday, as higher profit forecasts from companies including Caterpillar Inc and a surprise gain in euro-area manufacturing boosted confidence in the global economy.

Euro-area manufacturing unexpectedly improved, indicating the region may avoid a deeper economic slump. Concern that a Europe-led slowdown in global growth would hurt the world’s largest economy, just as the Federal Reserve winds down stimulus, erased as much as $2.1 trillion (Dh7.7 trillion) in US equity values after they reached a record on September 6.

West Texas Intermediate surged from its lowest closing price in more than two years as Saudi Arabia trimmed crude oil supply in September.

Futures gained as much as 1.7 per cent in New York, recording the biggest increase since October 17 and erasing an earlier fall of 0.6 per cent. The biggest producer in the Organisation of Petroleum Exporting Countries cut supply to markets by 328,000 barrels a day last month, to 9.36 million barrels a day, from 9.69 million in August, according to a person with knowledge of Saudi Arabia’s oil policy.

Most active

Arabtec, which was the most active stock in terms of value, ended 2.70 per cent higher at Dh4.19 per share. Emaar Properties ended 0.48 per cent lower at Dh10.30 per share.

In Dubai, out of a total of 30 shares traded on the exchange, shares of 13 companies rose, while the shares of 14 companies declined, 3 remained unchanged.

The Abu Dhabi index ended 0.62 per cent higher at 4,829.83. Dana Gas, which ended 3.33 per cent higher in trade, said it has received a total of $83 million (Dh307 million) in collections in the last few weeks.

Out of a total of 32 companies on the ADX, shares of 14 companies each rose and declined and the other 4 remained steady.