Gulf bourses surge in early trade as oil breaks $50

Gulf shares inched up in early trade Thursday as oil prices climbed to hit their highest levels in six months and global equity markets edged higher.

Petrochemical shares lifted Riyadh’s index 0.6 percent with Saudi Basic Industries, the largest listed producer, adding 1.2 percent as Brent oil prices broke over $50 a barrel in Asian trade.

Makkah Construction added 0.6 percent after it reported a 6 percent rise in its quarterly income. The company attributed the growth to higher occupancy at its Mecca-based Hilton Towers.

Dubai’s index added 0.6 percent, boosted by a 1.8 percent rise in the largest listed real estate company Emaar Properties.

Abu Dhabi’s index reversed earlier losses and rose 0.4 percent, lifted by a 3.8 percent jump in Dana Gas. Similarly Qatar’s index was 0.5 percent higher with support from oil-linked shares. Gulf International Services, an oil drilling provider, climbed 3.0 percent.

Source: Reuters