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29 March 2024

GCC markets rise in early trade, shrug off weaker oil

Abu Dhabi index edged up 0.7% in early trade, helped by First Gulf Bank and Etisalat. (Ahmad Ardity)

Published
By Reuters

Gulf stock markets rose in early trade on Sunday, shrugging off a fresh decline in the price of oil after Saudi Arabia's government said at the end of last week that it would maintain spending at high levels in 2015.

Brent crude fell back below $60 per barrel on Friday as the dollar strengthened and as a supply glut in top consumer United States trumped worries about falling exports from Libya.

But in the wake of the Saudi state budget, investors in Gulf appear to be less worried about oil price moves.

Dubai's index rose 1.6 per cent as most stocks gained. Shares in retail start-up Marka jumped 4.0 per cent after it said it had agreed to buy sporting goods retail firm Retailcorp from Dubai World for Dh220 million ($60 million)

The move will make Marka, which listed this year, operationally profitable in 2015, it said.

Abu Dhabi's index edged up 0.7 per cent on the back of blue chips such as First Gulf Bank and Etisalat , up 1.2 and 0.5 per cent respectively.

Qatar's bourse rose 1.6 per cent. Property firms Ezdan Holding and Barwa Real Esatate were the main support, surging 5.3 and 4.2 per cent respectively.