Oil jitters ease to lift UAE stock markets

The UAE’s bourses closed higher on Tuesday as oil market jitters appeared to subside.

The Abu Dhabi Securities Exchange General Index rose 0.22 per cent to 4,390.7 points. The Dubai Financial Market General Index performed marginally better, closing 0.33 per cent higher at 3,512.9.

Brent futures traded at US$56.05 per barrel on Tuesday afternoon, a 0.23 per cent increase over the previous day, and representing the third consecutive day of gains.

In Saudi Arabia, property companies fell after the Saudi government announced that it planned to tax undeveloped land in a bid to increase the housing stock.

Saudi Real Estate shed 8.9 per cent, Arriyadh Development declined 6.2 per cent, and Dar Al Arkan Real Estate fell 6.0 per cent.

Emaar Economic City, which is responsible for developing King Abdullah Economic City, also dropped 5.6 per cent on the news.

The Tadawul index, however, closed 0.4 per cent higher at 9,622.96.

Construction materials stocks fell on the ADX. Arkan Building Materials fell 6.7 per cent, Gulf Cement fell 5.2 per cent, the Abu Dhabi National Company for Building Materials fell 4.8 per cent, and the RAK Cement Company fell 3.5 per cent.

On the DFM, Marka gained 5.8 per cent, while Gulf General Investment closed up 4.62 per cent.


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