UAE Stock Markets Recover Due to Gains in Oil Prices

Published May 5th, 2020 - 12:30 GMT
UAE Stock Markets Recover Due to Gains in Oil Prices
West Texas Intermediate (WTI) crude futures rose as much as 8.2 percent to a three-week high of $22.06 per barrel and were up 6.5 percent, or $1.33, at $21.72 at 0454 GMT. (Shutterstock)
Highlights
Oil prices rose on Tuesday, extending gains from the previous session.

The UAE stock markets reversed the trend on Tuesday, recovering after two consecutive days of losses, helped by gains in oil prices and the US stock markets on Monday.

Dubai bourse was up by 1.33 percent or 25.7 points to 1,950.4 points on the back of jumps in property, banking and insurance scrips.

Emaar Properties rose 2.4 percent to Dh2.59 and its subsidiary Emaar Development rose 1.4 percent to Dh2.14 in the morning trade. Salama was up by nearly three percent to Dh0.560 per share while Dubai Islamic Bank gained 0.84 percent to Dh3.57 a share.

Abu Dhabi Securities Exchange had gained 0.7 percent in the first hour of trade on Tuesday. The recovery in the index was led by Bildco and Waha Capital, which were up by 11.8 percent and 6.45 percent, respectively. Dana Gas, RAK Properties and Aldar were the other top three gainers in the morning trade.

Oil prices rose on Tuesday, extending gains from the previous session, on expectations that fuel demand will begin to recover as some US states and nations in Europe and Asia start to ease coronavirus lockdown measures.

West Texas Intermediate (WTI) crude futures rose as much as 8.2 percent to a three-week high of $22.06 per barrel and were up 6.5 percent, or $1.33, at $21.72 at 0454 GMT.

While the US markets also closed higher on Monday with the Dow Jones Industrial Average gaining 0.1 percent, the S&P 500 rising 0.4 percent the Nasdaq Composite climbing 1.2 percent.


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