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DUBAI, May 5 (Reuters) – The Gulf stock markets saw higher early trading on Sunday, reflecting rising global stocks and oil prices late last week, but petrochemicals Banks weighed on the currency rate.
The volumes were meager, with a fairly low market value in anticipation of the holy Muslim month of Ramadan this week.
Global equity markets rebounded on Friday, supported by a US payroll report that exceeded expectations, and Brent crude oil futures stabilized 10 cents at $ 70.85 a barrel .
The Dubai index opened in positive territory on Sunday but remained stable after about an hour of trading, while that of Abu Dhabi rose 0.8%.
In Dubai, Islamic Arab Insurance Co was among the highest trading stocks and grew by 3.3%. Dar Al Takaful, another Islamic insurer, rose 3.5%.
The Islamic Bank of Dubai grew by 1.2%.
In Abu Dhabi, real estate developer RAK Properties lost 4.5% after announcing Sunday a decline in net profits in the first quarter to 4 million dirhams, against 24.6 million dirhams at the end of the same period. last year.
In Saudi Arabia, the index was down 1%.
Saudi Kayan Petrochemical Co and Alinma Bank weighed on the index, posting respective losses of 1.7% and 2%.
Report by Davide Barbuscia; Edited by Dale Hudson
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