Arabian Gulf stock markets all closed up in positive territory on Thursday, following a rise in crude oil prices on reports of lower global surpluses.
Brent crude futures briefly rose to over US$48 per barrel, on predictions from the International Energy Agency of a smaller-than-forecast oil supply surplus for the first half of the year, attributable to growing demand from India and other emerging markets.
In the UAE, the Dubai Financial Market General Index closed up 0.47 per cent at 3,344.67, despite more stocks ending in the red than the green.
Emaar Properties and Emirates NBD were the main big-name gainers on the Dubai bourse, climbing by 1.76 and 0.74 per cent.
Shares were little changed in the capital. The Abu Dhabi Securities General Index closed up 0.04 per cent at 4,387.2, with gains by FGB and Invest Bank largely offset by falls by ADCB and RAK Ceramics.
Abu Dhabi National Insurance led gains on the bourse after the announcement on Wednesday afternoon of a 670 per cent rise in quarterly profits.
The insurer’s shares, among the most illiquid on the Abu Dhabi bourse, surged by 15 per cent to Dh2.30, their largest one-day gain since mid-February.
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