UAE and Qatar stocks gain ground as global mood improves

An improved mood in global markets lifted bourses in the United Arab Emirates and Qatar at early Tuesday as Asian stocks hit five-week high and Brent crude oil held above $50 a barrel.

Dubai’s stock index climbed 0.9 percent, with three quarters of the traded stocks advancing by midday.

Union Properties climbed 3.5 percent after the company secured a loan to finance development of a mid-to-upscale gated community in Dubai’s MotorCity.

Dubai Parks and Resorts, meanwhile, jumped 4.3 percent to 1.47 dirhams. Last week HSBC initiated coverage of the company with a “buy” rating and a target price of 1.80 dirhams.

The main Abu Dhabi index rose 0.3 percent as Abu Dhabi National Energy (TAQA) jumped 3.5 percent and telecoms company Etisalat, a constituent of the MSCI emerging markets index, gained 1.1 percent.

In Doha, blue chips pulled the index up 0.9 percent. Vodafone Qatar and Ezdan Holding were each up by more than 1 percent.

Source: Reuters