Major Gulf stock markets finished higher on Monday amid a surge in oil prices, with Dubai outperforming the region, led by property and banking stocks.
Sentiment was also aided by encouraging global manufacturing data. Surveys showed manufacturing across Europe grew at the end of 2020. Asian factory activity expanded thanks to Chinese demand.
Dubai closed 2.9 percent higher, marking the benchmark’s biggest single-day gain since June 7. Dubai’s largest listed developer, Emaar Properties, was the top gainer, adding 5.3 percent. Its biggest bank, Emirates NBD, rose 4.3 percent.
The sharia-compliant lender Dubai Islamic Bank gained 1.8 percent. Real estate company Damac Properties rose 3.8 percent.
In Abu Dhabi, the index gained on 0.7 percent, led by the United Arab Emirates’ largest lender, First Abu Dhabi Bank, which rose nearly 1 percent. Telecoms company Etisalat closed the session 0.7 percent higher.
Both Dubai and Abu Dhabi benchmarks have gained for two successive sessions.
Saudi Arabia’s benchmark index closed up 0.6 percent. Al Rajhi Bank gained 1.1 percent.