Amlak jumps 11% in Dubai as Greece optimism boosts markets

Most Gulf stock markets rose in early trade on Monday, aided by hopes that last-minute proposals to creditors will enable Greece to avoid defaulting on its debt.

The chief-of-staff to European Commission president Jean-Claude Juncker tweeted that the latest proposal from Greece was a “good basis for progress”. This helped to boost Asian stock prices and lift oil off its lows.

Dubai’s main index was up 1.0 per cent at 4,136 points after two hours with trading volume exceeding the total for all of Sunday.

The index rose above technical resistance on its 200-day average, now at 4,099 points. It has failed to break cleanly above the average three times since early May. Any clean break – at least two straight daily closes above that mark – would be a bullish signal.

Amlak Finance was the most heavily traded stock, rocketing 11.6 per cent. It has been swinging wildly and dominating activity since it resumed trading this month after a multi-year suspension due to a debt restructuring.

Gulf Finance House fell 1.1 per cent after saying the Bahrain Chamber for Dispute Resolution had dismissed a suit which it had filed to recover $60 million. It said it would appeal the decision.

Abu Dhabi stocks climbed 0.6 per cent and Qatar was flat. Ezdan Holding gained 0.9 per cent; it has been rising since its foreign ownership ceiling was raised on Thursday to 49 per cent from 25 per cent.

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