Traders monitor stock information at the Dubai Financial Market in Dubai, United Arab Emirates, June 5, 2017. REUTERS/Stringer
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Aug 25 (Reuters) – Major stock markets in the Gulf rose in early trade on Thursday, tracking gains in oil prices and Asian stocks, with the Dubai index outperforming the region boosted by Emaar Properties.
MSCI’s broadest index of Asia-Pacific stocks outside of Japan (.MIAPJ0000PUS) edged up 0.7%, with investors awaiting the Federal Reserve Board’s annual conference in Jackson Hole for clues on how strong future rate hikes could be.
The Federal Reserve’s annual monetary policy conference begins Friday in Jackson Hole, Wyoming.
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Dubai’s main stock index (.DFMGI) gained 1.1%, with Emaar Properties (EMAR.DU) surging 4.7% to 6.25 dirhams, hitting its highest level since early May on plans to limit foreign trade to abolish possession.
Shareholders are also scheduled to vote on September 21 to acquire certain assets of Dubai Holding for a 3.75 billion dirhams ($1.02 billion) mandatory convertible bond.
The company has also reached a definitive agreement to sell 100% of its fashion e-commerce venture Namshi to e-commerce company Noon for $335.2 million.
The Saudi Arabian benchmark index (.TASI) gained 0.5%, led by a 0.7% gain in Al Rajhi Bank (1120.SE) and a 2% rise in Saudi Arabian Mining Co (1211.SE). .7%.
Oil prices, a key catalyst for Gulf financial markets, rose on growing concerns about supply shortages amid disruptions to Russian exports, the possibility for major producers to curb production and the partial closure of a US refinery.
Brent crude bounced back above $100 after Saudi Arabia floated the idea of cutting OPEC+ production to support prices.
In Abu Dhabi, the index (.FTFADGI) gained 0.2%, helped by a 0.3% gain in the UAE’s largest lender, First Abu Dhabi Bank (FAB.AD).
The Qatari Index (.QSI) gained 0.3%, with petrochemical maker Industries Qatar (IQCD.QA) up 1.7%.
($1 = 3.6729 UAE Dirham)
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Reporting by Ateeq Shariff in Bengaluru; Edited by Emelia Sithole-Matarise
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