“The rises we’ve seen are more to do with the price of oil and what happened in international markets on Monday.” said Muhammad Shabbir to The National

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The National 

Oil and shares rise as Fed holds off rate hike

June 7, 2016

Strong oil prices and the prospect of a later-than-expected rise in US interest rates lifted stock markets across the Arabian Gulf yesterday.
Janet Yellen, the chairman of the Federal Reserve, was positive on the US economic outlook in a speech on Monday, but gave little indication of when interest rates would rise, suggesting a rate hike next month is unlikely.

Such news was well received across emerging markets, with the FTSE Emerging Market index hitting a five-week high yesterday afternoon. Brent crude futures traded up at US$50.88 per barrel during the late afternoon, boosted by a weaker dollar and continuing supply issues in Nig¬eria and France. Qatar’s index, the biggest gainer, rose 2.27 per cent.
Saudi Arabia’s Tadawul All Share Index ended the day up 0.87 per cent at 6,533.42, following the announcement of further details of the country’s ambitious National Transformation Plan.
Saudi Arabia’s Tadawul All Share Index ended the day up 0.87 per cent at 6,533.42, following the announcement of further details of the country’s National Transformation Plan.
The announcement had little effect on markets outside the country, according to Muhammad Shabbir, the head of equities at Rasmala in Dubai. “Details of the NTP are still relatively few and sketchy,” said Mr Shabbir. “The rises we’ve seen are more to do with the price of oil and what happened in international markets on Monday.”

Shares in Dubai experienced their best day for two weeks. The Dubai Financial Market General Index gained 1.4 per cent, to 3,327.1. Emaar Properties and Emirates NBD led gains, rising by 2.7 per cent and 1.8 per cent respectively. Shuaa Capital was one of just three stocks in the red, closing down 1.7 per cent at 66.2 fils.
Abu Dhabi shares index hit its highest level in more than three weeks, inching up 0.7 per cent at 4,345.77, thanks to Etisalat.
The telco’s shares reached their highest level in more than four weeks, closing up 1.6 per cent at Dh18.95.