Sept 23 (Reuters) – Most stock markets in the Gulf rose on Thursday as oil prices gained on growing fuel demand and a bigger-than-expected draw in U.S. crude inventories, although the Abu Dhabi index bucked the trend to trade lower.
The oil market was also supported by a return of appetite for risk assets as concerns eased over a potential default by property developer China Evergrande (3333.HK) and its possible fallout on the world’s second-largest economy.
Dubai’s main share index (.DFMGI) added 0.2%, extending gains from the previous session, with blue-chip developer Emaar Properties (EMAR.DU) rising 0.7% while DAMAC Properties (DAMAC.DU) advanced 2.4%.
The founder of DAMAC Properties is relaunching a partial offer to take the firm private after the securities regulator of the United Arab Emirates granted approval, according to a statement on Thursday. read more
The offer came amid years of downturn in Dubai’s property market, exacerbated by the economic fallout from the pandemic.
The United Arab Emirates’ Securities and Commodities Authority has signed an agreement with the Dubai World Trade Centre Authority (DWTCA) aimed at supporting the trading of crypto assets in DWTCA’s free zone, state news agency (WAM) reported on Wednesday. read more
In Abu Dhabi, the index (.ADI) eased 0.1% following a 0.7% drop in the country’s largest lender First Abu Dhabi Bank (FAB.AD).
Global investors have been on tenterhooks in recent weeks as debt payment obligations of China Evergrande, labouring under a $305 billion mountain of debt, triggered fears its malaise could pose systemic risks to the world’s second-largest economy. read more
Elsewhere, the Qatari index (.QSI) gained 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) rising over 1%.
** Saudi markets are closed for a public holiday
Reporting by Ateeq Shariff in Bengaluru, Editing by Sherry Jacob-Phillips
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