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Middle East stock markets rally as oil rebounds

Dubai soared 6.4 per cent at the opening

Stock markets in the Middle East region rallied in early trade on Sunday (January 24) following the strong gains of oil last week to recoup most of their losses the turbulent start to 2016.

Dubai’s benchmark was up 6 per cent at the midday trade after jumping 6.4 per cent in the opening minutes.

Realty firms Arabtec and Emaar Properties jumped 11.8 and 8.3 per cent respectively while Amlak Finance climbed 9.7 per cent.

Abu Dhabi’s general index rebounded 4.5 per cent, the biggest increase in 13 months.

Qatar’s bourse put on 456 points a gain of 5.3 per cent to trade at 9,040.10 up from previous day’s close at 8,584.01.

Brent crude, global benchmark for oil, bounced back 10 per cent to $32.18 a barrel on Friday.

Most of the major global stock markets soared as the jump in crude price after a tough week which saw oil plunging below $28 a barrel.