Gulf Arab stocks advance after oil hits $45

Most Gulf Arab stock indexes rose after oil, the region’s main source of revenue, closed above US$45 a barrel for the first time since November.

Dubai’s DFM General Index added 0.3 per cent to 3,594.64 in early Sunday trade. Emirates Integrated Telecommunications Co, the telecoms company known as du, led the increase with a 3.7 per cent advance. Oman’s MSM 30 Index and Kuwait’s SE Price Index both gained 0.3 per cent. Qatar’s QE Index slipped 0.6 per cent.

Brent crude, a benchmark for half the world’s oil, advanced a third straight week to close at $45.11 per barrel on Friday. Equities in the six-nation Gulf Cooperation Council is home to about 30 per cent of proven global reserves.

Follow The National’s Business section on Twitter

Share This Post