(MENAFN- Khaleej Times)Abu Dhabi and Dubai stocks led a rally across Gulf countries on a rebound in global markets and oil's upward journey for its biggest gain since May.
Oil prices surged more than 4.5 per cent on Thursday after a rally in equity markets. China's key stock market index jumped 5.3 per cent its biggest gain in eight weeks. Markets across Asia soared following Wall Street's rebound on Wednesday. Wall Street also opened on Thursday positively. The Dubai Financial Market General Index surged by 4.03 per cent to 4648.45 points. The bourse managed to reduce its weekly loss to 1.6 per cent despite a whole week of volatility. The Abu Dhabi Securities Market witnessed a 3.03 per cent increase and closed at 4461.09 points. The marked weekly loss declined to 1.1 per cent. Saudi Arabia's Tadawul increased 2.89 per cent to 7597.82 points followed by Qatar which climbed 2.81 per cent to 11266.05 points. Kuwait rose 1.07 per cent to 5876.51 points and Muscat increased by 0.60 per cent to 5816.80 points. Bahrain was slightly down by 0.1 per cent to 1302.29 points. At the DFM 32 scrips advanced out of total 35 traded. Trading volume reached 610.8 million. Gulf Finance House emerged as the most active stock with 118.9 million shares Amlak ranked second with 77.7 million shares and Arabtec witnessed 75 million shares trading. Emaar Properties appreciated by five per cent to Dh6.52 with 20 million shares changing hands. Arabtec was up by 5.24 per cent to Dh2.01 with a 75 million-share turnover. At the ADX trading volume reached 196 million shares where 22 stocks gained values out of total 30 scrips traded. Aldar ranked top in trading volume with 72 million shares changing hands. The property firm also recorded a nearly seven per cent increase in value and closed at Dh2.31. -
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