Dubai Stocks Climb After Oil Bounces Back; Abu Dhabi Advances.
30 August 2015, 08:51
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Dubai stocks rose for a second day after oil prices had the biggest two-day jump in more than six years. Abu Dhabi equities also rallied.
The DFM General Index gained 2.8 percent to 3,752.24 at 10:09 a.m. local time, headed for the largest two-day increase since December. Emaar Properties PJSC, the real estate developer with the biggest weighting on the gauge, added 4.8 percent to lead the advance. Abu Dhabi’s ADX General Index climbed 1.5 percent to the highest in more than a week.
Brent crude surged 16 percent in the two days through Aug. 28, the most since January 2009, to $50.05 per barrel. Optimism over the outlook for the global economy improved last week after data showed second-quarter growth in the U.S., the world’s largest consumer of crude, exceeded all 79 economist forecasts compiled by Bloomberg. Oil prices had plunged on concern of an oversupply and slowing growth in China. https://www.mql5.com/en/signals/111434
The DFM General Index gained 2.8 percent to 3,752.24 at 10:09 a.m. local time, headed for the largest two-day increase since December. Emaar Properties PJSC, the real estate developer with the biggest weighting on the gauge, added 4.8 percent to lead the advance. Abu Dhabi’s ADX General Index climbed 1.5 percent to the highest in more than a week.
Brent crude surged 16 percent in the two days through Aug. 28, the most since January 2009, to $50.05 per barrel. Optimism over the outlook for the global economy improved last week after data showed second-quarter growth in the U.S., the world’s largest consumer of crude, exceeded all 79 economist forecasts compiled by Bloomberg. Oil prices had plunged on concern of an oversupply and slowing growth in China. https://www.mql5.com/en/signals/111434
