Mideast Stocks Advance After Oil Rebounds Most in Five Months
- Dubai's DFM General Index rises the most since December 2014
- Stocks in Saudi Arabia increase as much as 6.8 percent
“The global rally and oil price recovery is a great signal for investors here to buy,” said Hisham Khairy, the Dubai-based head of institutional trade at Mena Corp. Financial Services LLC, one of the United Arab Emirates’ largest brokerages. “If tomorrow the market opens higher, it would offer a great selling opportunity.”
Photographer: Chris Ratcliffe/BloombergStocks across Middle Eastern markets surged after oil prices rebounded and global equities rallied.
The DFM General Index climbed 5.2 percent, the most in more than a year, to close at 2,757.08 as traders exchanged 415 million shares, 63 percent above the 12-month daily average volume. Qatar’s QE Index and Abu Dhabi’s ADX General Index climbed 4.6 percent and 2.7 percent, respectively. Saudi Arabia’s Tadawul All Share Index soared as much as 6.8 percent before paring gains to 2.7 percent at the close.