Stock News: Gulf Markets Rise After Oil Rally; Dubai’s Damac Jumps

Gulf stock markets rose in early trade on Sunday after oil made further gains and local companies reported upbeat results.

Brent crude jumped 2.2 per cent to $57.80 per barrel on Friday, posting its largest two-week gain in 17 years because of falling oil rig counts and violence in producer Libya.

Dubai’s index rose 0.9 per cent in a broad rally. Property developer Damac led gains, surging 6.5 per cent.

The stock originally listed in London, but also joined the emirate’s bourse last month and its Dubai shares subsequently plunged by more than a third. It recovered those losses last week and its sharp rise may have attracted more investors. Damac will delist from London.

Among other developers, Emaar Properties added 0.8 per cent and Union Properties rose 1.7 per cent.

Abu Dhabi’s bourse edged up 0.6 per cent as most blue chips gained. Shares in food and beverage firm Agthia Group surged 4.2 per cent after it reported a 22 per cent jump in 2014 profit.

Qatar’s benchmark climbed 0.4 per cent, with Barwa Real Estate, up two per cent, the main support.

Markets in Kuwait and Oman climbed 0.6 and 0.5 per cent respectively.