Stock News: Gulf Markets Rise Sharply In Response To Global Cues

Gulf stock prices rose sharply in early trade on Sunday as a positive global environment drew local retail investors into the markets.

Major foreign bourses surged more than one per cent on Friday, partly because the Bank of Japan surprised markets by ramping up its economic stimulus programme. Although the long-term outlook for oil prices remains uncertain, Brent crude has stabilised around $85 a barrel in recent days.

The main Qatari stock index was up 1.1 per cent in early trade on Sunday. The most heavily traded stock was Barwa Real Estate, which gained 3.4 per cent to QAR44.40 after announcing a QAR500 million ($137 million) commercial development near downtown Doha, with completion slated for the beginning of 2017.

The stock faces major chart resistance on July’s multi-year peak of QAR45.60.

In Dubai, investors piled into property-related stocks, with Emaar Properties up 3.5 per cent and construction firm Arabtec, the most heavily traded stock, 2.8 per cent higher.

First Gulf Bank, up 3.6 per cent, and Aldar Properties, up 3.4 per cent, helped Abu Dhabi’s index gain 1.8 per cent.