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GCC stock markets open higher; Dubai, Saudi lead

Dubai - Dubai Financial Market index rose above 1,900 points after it gained 0.94 per cent on the first trading day of the week.

The UAE and GCC bourses opened higher on Sunday after oil prices recovered more than 20 per cent last week.

Dubai Financial Market index rose above 1,900 points after it gained 0.94 per cent or 17.88 points on the first trading day of the week. The index was led by Amanat, Emaar Properties, DFM and Damac Properties.

Abu Dhabi Securities Exchange was also up by 0.22 per cent in the morning trade, helped by Abu Dhabi Ship Building, Adnoc, Manazel, Dana Gas and Aldar scrips.

The region's largest bourse Saudi Arabia's Tadawul jumped 1.1 per cent to 6,789 points. National Commercial Bank, Saudi Arabia's biggest lender, on Sunday posted a 2.1 per cent rise in quarterly profit, as a rise in net special commission and fee income offset a sharp rise in impairment charges. The profits surpassed analysts' estimates.

Crude prices have ticked up in the last two weeks as some countries relaxed coronavirus restrictions to allow factories and shops to reopen. WTI Crude price last week gained 20.5 per cent, rising from $24.4 per barrel to $29.4. The International Energy Agency forecast lower global stockpiles in the second half of 2020, although worries remain that a second surge in coronavirus infections could occur in coming months.

Boursa Kuwait was also up by 1.1 per cent, Bahrain Bourse gained 0.3 per cent and Muscat Securities Market rose by 1.1 per cent. Qatar Stock Exchange dipped slightly on Sunday.

waheedabbas@khaleejtimes.com