Dubai index gains the most in Gulf region

Dubai:

The Dubai index led the gains in the Gulf region on Sunday followed by Kuwait despite weak crude oil prices last week.

The Dubai Financial Market General Index ended 2.58 per cent higher at 3,987.14, after hitting a high of 4,007.04, a level last seen in early December. Kuwait Stock Exchange Index rose the second most in the region, gaining 1.54 per cent to end at 6,679.28.

Saudi’s Tadawul index ended 1.22 per cent higher at 8,856.38, a week after the government decided to keep the spending at record despite encountering a deficit.

Saudi Arabia projected a budget deficit of 145 billion riyals (Dh141.98 billion) in 2015 for the first time since 2009. Saudi Arabian Mining Co (Ma’aden) surged 7.8 per cent to 33.10 riyals, while National Commercial Bank, the kingdom’s biggest lender, lost 1.2 per cent after proposing a dividend.