UAE shares rise sharply in line with US and oil price recovery
UAE shares rose sharply on Thursday morning, on the back of US and Asian stock markets, and a rebound in the price of crude oil.
Dubai’s headline index surged 4 per cent at the opening bell on Wednesday, and was still up at that level at 12.35pm.
Dubai Islamic Bank shares opened up 4.65 per cent, while Emaar Properties was trading up 2.73 per cent.
Shares in Abu Dhabi opened up 2.1 per cent, trading up around 1.5 per cent at 10.30am.
The Dow Jones Industrial Average surged 3.95 per cent on Wednesday, its largest gain in seven years, as buying power returned to the market after a six-day losing streak.
The Shanghai Composite opened in positive territory on Thursday, holding on to gains in the run up to the market’s close, with markets across Asia trading up on the day.
Oil advanced in early Thursday trading, with Brent crude up around a dollar at $44.13.
Source: The National – UAE shares rise sharply in line with US and oil price recovery
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