Dubai - Oil prices rose on Tuesday, extending gains from the previous session.
Published: Tue 5 May 2020, 11:19 AM
Updated: Tue 5 May 2020, 1:21 PM
The UAE stock markets reversed the trend on Tuesday, recovering after two consecutive days of losses, helped by gains in oil prices and the US stock markets on Monday.
Dubai bourse was up by 1.33 per cent or 25.7 points to 1,950.4 points on the back of jumps in property, banking and insurance scrips.
Emaar Properties rose 2.4 per cent to Dh2.59 and its subsidiary Emaar Development rose 1.4 per cent to Dh2.14 in the morning trade. Salama was up by nearly three per cent to Dh0.560 per share while Dubai Islamic Bank gained 0.84 per cent to Dh3.57 a share.
Abu Dhabi Securities Exchange had gained 0.7 per cent in the first hour of trade on Tuesday. The recovery in the index was led by Bildco and Waha Capital, which were up by 11.8 per cent and 6.45 per cent, respectively. Dana Gas, RAK Properties and Aldar were the other top three gainers in the morning trade.
Oil prices rose on Tuesday, extending gains from the previous session, on expectations that fuel demand will begin to recover as some US states and nations in Europe and Asia start to ease coronavirus lockdown measures.
West Texas Intermediate (WTI) crude futures rose as much as 8.2 per cent to a three-week high of $22.06 per barrel and were up 6.5 per cent, or $1.33, at $21.72 at 0454 GMT.
While the US markets also closed higher on Monday with the Dow Jones Industrial Average gaining 0.1 per cent, the S&P 500 rising 0.4 per cent the Nasdaq Composite climbing 1.2 per cent.
waheedabbas@khaleejtimes.com
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