Middle East stock markets rise as oil prices remain above $ 30

January 27, 2016 18:40

DUBAI (Reuters) - Middle East stock markets rose on Wednesday, with investors' fears dissipated for the time being due to Brent crude traded above $ 30 a barrel.

A lot of dealers and fund managers believe that if Brent was trading above $ 30 a barrel, the stock markets in the region may receive temporary support. By 1455 GMT, the price of the global benchmark Brent crude to $ 31.72 a barrel.

The main index rose Saudi bourse 1.1 percent to 5699 points, but is about 200 points from the next resistance level.

Riyad Capital said in a note that technical factors indicate that the index entered in a consolidation stage.

It rose Saudi Basic Industries Corp (SABIC), the largest listed companies by market value, 1.5 percent. And it increased other stocks in the petrochemical sector index, which rose 1.2 percent.

It also made the shares of small and medium insurance companies favored by speculators as BUPA Arabia jumped health insurance 3.7 percent.

Dubai's index rose two percent with about half the height of shares traded on the stock exchange more than two percent.

Climbed Deyaar 4.7 percent after the company announced on Tuesday its net profit growth of 14 percent in the fourth quarter. The company's profit amounted to 101.5 million dirhams (27.63 million dollars), compared with analysts expectations for a net loss of $ 28.9 million dirhams.

Heavyweight Emaar Properties competition two percent.

Jumped DIB 5.3 percent after the results of the Bank showed on Wednesday its net profit rise 62.8 percent in the fourth quarter.

Net profit amounted to the largest Islamic bank in the United Arab Emirates 1.15 billion dirhams (313.1 million dollars), compared with analyst expectations at HSBC for a profit of 915 million dirhams. Bank recommended a dividend regardless higher for 2015.

In Abu Dhabi Stock Exchange Abu Dhabi Islamic Bank shares and Abu Dhabi Commercial Bank gained momentum after the Dubai Islamic boosted results seem to investor optimism sector rose each by more than six percent. The two banks did not announce their results quarterly yet.

The banks helped the index sector for Abu Dhabi to offset early losses to rise 0.7 percent to 3828 points, extending to move away from its lowest level in 28 months, which has fallen to him last week.

And Dana Gas shares closed higher by five percent to reduce its losses since the beginning of the year to 19.6 percent. The Abu Dhabi bourse index down 11.1 percent since the beginning of 2016.

In Qatar, the index rose 2.6 percent with a rise in shares of energy-related companies. And increased stocks Gulf International Services and tankers more than three percent each.

And Vodafone shares rose 1.1 percent. It plans to review the costs of telecommunications company in an effort to maintain profit margins after announcing on Tuesday that rising losses for the fifth consecutive quarter.

And went up the main index of the Egyptian stock exchange index reached 1.1 percent gains for the third session. But trading volumes were modest and less than the weekly average.

Stock exchange data showed that the Egyptians and Arabs have tended to purchase transactions, while foreign investors tended to sales transactions.

The shares rose Orascom Telecom and Orascom Konstrakeshon 1.8 percent and 3.1 percent respectively.

The following levels of Arab markets close on Wednesday:

Saudi Arabia .. index rose 1.1 percent to 5699 points.

Dubai .. index jumped two percent to 2753 points.

Abu Dhabi .. index increased 0.7 percent to 3828 points.

Qatar .. index rose 2.6 percent to 8980 points.

Egypt .. index rose 1.1 percent to 5961 points.

Oman .. index increased 0.4 percent to 4954 points.

Kuwait offers .. index 0.7 percent to 4969 points.

Bahrain .. index rose 0.2 percent to 1159 points.