Dubai Financial Market jumps alongside oil, global equities

Arabian Gulf stock markets rose in early trade on Wednesday, tracking oil prices and global shares which rallied hard on Japanese tax cut hopes and a rebound in China.

Japan’s Nikkei soared 7.7 per cent, its biggest single-day gain since October 2008, apparently galvanised by comments from prime minister Shinzo Abe who said the government aimed to lower the corporate tax rate by a cumulative 3.3 percentage points over two years.

MSCI’s emerging markets index jumped 2.5 per cent and Brent oil edged up towards $50 per barrel.

Dubai’s index jumped 2.5 per cent with most stocks positive. Mortgage lender Amlak Finance surged 4.7 per cent and was the most traded stock.

Abu Dhabi’s bourse rose 2.2 per cent in another broad rally and Qatar climbed 1.0 per cent.

Markets in Kuwait and Oman rose 0.6 and 0.2 per cent respectively.

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