• Rising oil prices buoy most Gulf markets


    Rising oil prices buoy most Gulf markets

    TASI rose 0.04 percent to 6,735.98 points

    Most Gulf markets gained on Tuesday, buoyed by rising oil prices, woints.
    Rising oil prices helped UAE stocks advance, with Dubai's index making its largest gain in a month.
    In Saudi Arabia, the Tadawul All-Share Index (TASI) rose 0.04 percent to 6,735.98 points. The value of Saudi traded shares reached SR5.38 billion on Tuesday.
    Bellwether Saudi Basic Industries Corp climbed 0.2 percent, Saudi Kayan Petrochemicals added 0.6 percent and Methanol Chemicals Co - the most active stock - gained 2.1 percent.
    Petrochemicals stocks often track oil price and US crude futures rose $2 to $102.59 a barrel on Tuesday as the dollar weakened against the euro.
    Oil jumped by more than $2 on Tuesday then pared gains with Brent crude above $116 a barrel, as the dollar weakened on improved prospects for a bailout for heavily indebted Greece and US confidence data disappointed.
    Bellwether Emaar Properties rose 2.6 percent, Dubai Islamic Bank climbed 1 percent and Emirates NBD added 0.3 percent.
    Dubai's benchmark climbed 1.6 percent to 1,560 points — an eight-day high.

© All Rights Reserved for Asharqia Chamber