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Biggest Upsurge in Dubai Shares Since January

Middle East : 08 March 2010

Rises in Gulf markets was led by Dubai shares as a consequence of international economic revival followed by smaller –than-expected U.S. job losses and highest oil prices in about 2 months.

The Dubai Financial Market General Index surged by 2.3% to 1,621.73. Abu Dhabi’s Index rose by 0.8% and Oman’s MSM30 Index climbed by 0.5%. Bahrain’s Index increased by 0.2% whereas Kuwait Stock Exchange decreased by 0.3% and Tadawul All Share Index of Saudi Arabia surged by 0.3%. Qatar’s Stock Exchange was closed for a holiday.

Dana Gas PJSC, a UAE based explorer and producer, increased in Abu Dhabi by 3.7% to 0.84 Dirham, the highest in last two months following two natural gas discoveries by the company in Egypt’s Nile Delta region .

Share of the developer of world’s highest skyscraper, Emaar Properties PJSC, increased by 6%, the highest in 2 months after its Indian joint venture obtained permission of a plan put forward by Emaar MGF Land Ltd. to offer shares in an initial public offer. The final decision will be made by the company’s board at an appropriate time.

According to BP Plc, the UAE has 7.8% of the world’s proven oil reserves. Even after increasing spending and on the basis of oil price of 72 US Dollar per barrel, it is expected that five out of six Gulf Cooperation Council countries will have surpluses this year. Crude oil reached 81.50 US Dollar per barrel in New York on March 5.

Head of research at MAC Capital Advisors in Dubai, Ian Munro said that Gulf stock prices are directly proportional to the price of oil. Corporate earnings and economic growth in the region depend on petrodollars.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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