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3 years ago
UPDATE 1-MIDEAST STOCKS-Dubai stocks jump over 6 percent in early trade
December 21, 2014 / 6:18 AM / 3 years ago

UPDATE 1-MIDEAST STOCKS-Dubai stocks jump over 6 percent in early trade

DUBAI, Dec 21 (Reuters) - Gulf stock markets rose sharply in early trade on Sunday, continuing a rally which began on Thursday after Brent crude oil bounced back above $60 a barrel and Saudi Arabia's government said it would continue spending heavily despite cheaper oil.

Dubai's stock index was 6.9 percent higher after 10 minutes of trade, adding to Thursday's 13.0 percent leap. Blue chip Emaar Properties rocketed 11.1 percent.

Abu Dhabi's market, which tends to be less volatile than Dubai because of a lower degree of leverage, gained 3.9 percent, led by real estate stocks; Aldar Properties soared 13.0 percent.

Kuwait gained 1.5 percent. The market in Oman , where the economy is believed to be more vulnerable to low oil prices because of the government's constrained finances, edged up 0.8 percent. (Reporting by Andrew Torchia)

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