[ad_1]
DUBAI, June 9 (Reuters) – The Gulf markets rose early on Sunday, resuming trading after the holidays last week to celebrate the end of Muslim fasting month, as investors inspire gains made in the markets Friday.
Major global stock indexes surged and US Treasury yields tumbled on Friday after slower job growth fueled expectations of a cut in US interest rates. Washington's commercial battles seemed to indicate progress.
The Saudi index jumped 0.6% as investors rallied in the main blue-chip stocks. Al Rajhi Bank grew by 1%, Saudi Telecom by 1.4% and Saudi Basic Industries by 0.9%.
The Dubai index rose 0.3%, thanks to strong growth in property values. DAMAC Properties was up 0.6% and Union Properties up 3.7%. Market heavyweights, Emaar Properties, also gained 0.5%.
"Global markets are on the rise against the expectations of a US rate cut," said a trader in Dubai.
The Abu Dhabi index rose 0.2%, driven by the 1.8% rise in the Islamic Bank of Abu Dhabi and 0.5% growth in the Emirals Telecommunications Group or Etisalat .
The Qatar index remained stable in terms of profit taking after the sharp rises achieved before the Eid holidays. The index closed up 1.5% on June 3rd, a day before the closure of the Qatari market for the holidays. (Report by Saeed Azhar)
Source link
