Arabian Gulf stock markets rose on Wednesday morning after oil prices extended gains and index compiler MSCI delayed the inclusion of Chinese domestic shares in its emerging markets index, maintaining the weighting of Qatari, UAE and Egyptian stocks.
Dubai’s index rose 1.4 per cent and Amlak Finance surged the daily 15 per cent limit for the sixth day in a row. The stock started trading again last week after a six-year suspension during which it restructured debt.
Another favourite with retail investors, builder Arabtec rose 12.3 per cent and was the most traded UAE stock. After repeated delays, Egypt said in May it was about to finalise a deal with Arabtec on a $36.7 billion housing project.
Abu Dhabi’s bourse edged up 0.5 per cent in a broad rally.
Qatar’s index was 0.1 per cent higher with petrochemicals-to-metals conglomerate Industries Qatar up 0.3 per cent.
Kuwait climbed 0.08 per cent, while Oman’s market was roughly flat.
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