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Oil rebound fuels Dubai market

The Dubai financial market (DFM) general index closed 0.43 per cent higher at 3,736.30 points on Wednesday, January 28.

The Dubai financial market (DFM) general index closed 0.43 per cent higher at 3,736.30 points on Wednesday, January 28.

Market breadth was rather neutral as 17 shares advanced while 15 stocks declined. Oil prices (DME Oman crude futures) edged up by 3.84 per cent to reach $47.60, helping GCC markets to advance.

Earlier in the week, Tim Fox, the chief economist at the UAE’s biggest lender Emirates NBD (up three per cent at AED9.27) said at an event hosted by chartered accountant organisation, ICAEW, that the analysts’ consensus for 2015 was at $65 per barrel (Brent, currently trading at $45 per barrel).

“Oil prices remain the key driver of sentiment in regional markets, with investors closely watching the impact of Europe’s quantitative easing program and growth numbers from key emerging markets and listed companies across the GCC,” said a research report “Invest AD” published earlier today by Abu Dhabi Investment Company.

Emaar Properties lost for the fifth session straight, ending off 1.29 per cent at AED6.90. Islamic insurance company Dar Takaful jumped 7.23 per cent to reach AED0.623.

Gérard Al-Fil