Smaller oil surplus view lifts UAE stock markets

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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