Dubai index leads gains in GCC as oil rebounds

Dubai: Dubai shares surged more than 4 per cent, jumping the most in the GCC region buoyed by rising crude oil prices.

The Dubai Financial Market General Index ended 4.51 per cent higher at 3,840.22, after hitting a high of 3,844.27. Saudi’s Tadawul was the second biggest gainer in trade with 2.99 per cent gains.

“Dubai underperformed compared to Saudi Arabia last week and there was a new incentive in the form of recovering crude prices. With the gap between Dubai and Saudi Arabia, and given that crude surged, there was no doubt that Dubai would have performed better today,” said Sanyalaksna Manibhandu, Manager of Research, National Bank of Abu Dhabi Securities.

Out of a total 36 shares traded on the exchange, shares of 31 companies rose, while shares of three fell. Dubai Investments, which was the most active stock in terms of value, ended 13.76 per cent higher at Dh2.48 after the company reported a more than 60 per cent jump in net profit in 2014.

Saudi’s Tadawul All Share TASI index ended 2.99 per cent higher at 9,143.93.

Saudi Arabia, which didn’t do very well in 2014, has room to play catch up this year, said Mahibhandu.