Gulf rises after oil's rally Dubai jumps

(MENAFN- Khaleej Times)Dubai's stock market led gains in the Gulf in early trade on Sunday after oil prices rebounded improving the sentiment of investors in the region.

The emirate's index jumped 3.0 per cent and developer Emaar Properties the most traded stock surged 4.8 per cent.

Other actively traded stocks were also from the property or related sectors. Union Properties surged 4.5 per cent and mortgage lender Amlak Finance added 2.8 per cent.

In addition to oil's rebound late last week property stocks may be supported by hopes that the US Federal Reserve will postpone an interest rate increase which analysts had previously expected in September.

Those Fed officials who are anxious to raise rates said at an annual global central bankers' conference on Friday that continued market turmoil might lead the US central bank to delay tightening monetary policy.

Most Gulf States keep their currencies pegged to the dollar and replicate the Fed's interest rate adjustments.

Elsewhere in the Gulf Abu Dhabi's bourse rose 1.7 per cent Kuwait added 0.6 per cent and Oman was up 0.5 per cent.