Mubasher: GCC bourses, excluding Bahrain, opened today’s session in green, powered by the rebound of Brent prices above $30 per barrel.
Dubai Financial Market rose by more than 5.4%, gaining 141.9 points. Meanwhile, Abu Dhabi Securities Exchange jumped 4.46% or 166.55 points at 10:40am UAE time.
Qatar Stock Exchange rose by 5.2% or 446.14 points at 9:40am Doha time.
At 9:40am Kuwait time, KSE’s main index increased by 1.4% or 69.03 points to 5,015.36 points.
Moreover, Muscat Securities Market advanced 1.39% or 67.88 points, reaching 4,934.88 points at 9:40 Oman time.
Meanwhile, the Bahraini bourse bucked the uptrend, declining 0.17% at 9:40am Manama time.
Oil price rebound over $30 per barrel paved the way for a positive performance in the last week of January, Muhannad Erekat, analyst, said.
On Friday, oil prices jumped 10%, recording one-day gains as a cold snap boosted demand for heating oil. Accordingly, Brent crude increased 10% or $2.93, reaching $32.18 a barrel. Likewise, U.S crude oil rose by 9% or $2.66, hitting $32.19 per barrel.
Global bourses’ rebound, the Chinese in particular, will motivate GCC market dealers to selectively buy low-priced shares, said Majid Al Harbi, portfolio manager.
