Dubai stocks climb for third session, reach new 10-year peak

DUBAI: Dubai’s benchmark share index jumped to its highest level in more than a decade on Thursday, lifted by real estate and industrial stocks, while most other markets in the Gulf also gained amid stronger oil prices.

Oil prices, a catalyst for the Gulf’s financial markets, were up 0.1 per cent on hopes for additional fiscal stimulus in China and an anticipated decline in US crude inventories. Brent was trading at $73.064 a barrel by 0805 GMT.

Dubai’s benchmark stock index rose 0.4 per cent to 5,101, its highest in more than 10 years, extending gains for a third straight session.

Emaar Development advanced 1.2 per cent and toll operator Salik Company added 0.6 per cent.

Meanwhile, Dubai Islamic Insurance & Reinsurance slipped 2.3 per cent after the insurer reported accumulated losses at 73 per cent of capital by the end of the third quarter.

Saudi Arabia’s benchmark stock index was up 0.2 per cent, with most sectors in the green.

Al Yamamah Steel Industries rose 1.8 per cent as the steelmaker posted a full-year net profit and declared a cash dividend of 0.5 riyal per share.

Arabian Contracting Services gained 2.3 per cent after the advertising company signed a 563.2 million riyal contract with the Royal Commission for Riyadh City.

The Abu Dhabi benchmark index rose 0.2 per cent, supported by a 1 per cent increase in Emirates Telecom and a 0.7 per cent gain in conglomerate Alpha Dhabi Holding.

Abu Dhabi Ports, however, slid 1.4 per cent.

The port operator said on Wednesday it had completed the integration of Noatum Group’s assets into its existing business structure.

The Qatari benchmark index eased 0.2 per cent, weighed down by a 0.7 per cent drop in Qatar Islamic Bank and a 0.5 per cent loss in Qatar Gas Transport.

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