Related News:
Qatar Shares Climb to 6-Week High on $81 Crude, Global Economic Recovery
Qatar and Dubai stocks rose, leading gains in the oil-rich region, as crude traded above $81 a barrel and after U.S. data topped forecasts, easing concern that the global economic recovery is faltering.
Industries Qatar, the second-biggest petrochemicals maker in the Middle East, advanced 2.4 percent and Emaar Properties PJSC, builder of the world’s tallest skyscraper in Dubai, gained the most in two weeks. The QE Index climbed 1 percent to 7,103.89, the highest level in six weeks and Dubai’s DFM General Index increased 1.2 percent, the most since July 21. The Bloomberg GCC 200 Index rose 0.4 percent at 3 p.m. in Dubai.
“We had very positive indicators yesterday in U.S. equities rallying and oil prices rising above $81,” said Mohamed Abu Ghoush, head of equity brokerage at Al-Ahli Bank in Doha.
The Standard & Poor’s 500 rallied 2.2 percent yesterday, to the highest in 10 weeks, after a gauge of manufacturing from the Institute for Supply Management beat estimates and after better- than-estimated earnings at companies from Humana Inc. to Allergan Inc.
Crude oil for September delivery rose 3 percent to $81.34 a barrel on the New York Mercantile Exchange on Aug. 2, the highest close since May 4. Oil last traded at $81.85 a barrel, up 0.6 percent. The six nations of the Gulf Cooperation Council supply about a fifth of the world’s oil.
Sabic Rises
Industries Qatar advanced to 102.5 riyals, the highest since June 22. Saudi Basic Industries Corp., the world’s largest petrochemical maker, climbed as much as 1.7 percent to 90.5 riyals. Emaar increased 2.1 percent, the most since July 21, to 3.35 dirhams.
Oman’s MSM 30 Index rose 0.3 percent and Kuwait’s SE Price Index added 0.2 percent. Bahrain’s gauge gained 0.1 percent and Abu Dhabi’s measure was little changed. Saudi’s measure rose 0.1 percent.
To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net
Rate These Stories
Rate this Page