Gulf stocks climb with Dubai gaining 9.9 percent

By Associated Press | Posted - Dec. 21, 2014 at 10:10 a.m.



This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

DUBAI, United Arab Emirates (AP) — Gulf stocks have opened the week with a climb that saw Dubai's main index gaining 9.9 percent.

Qatar's stock market also saw big gains of 7.6 percent, while Abu Dhabi's index rose almost 3.5 percent. Saudi Arabia's stock market closed trading Sunday nearly 2.5 percent higher.

The upswing comes after a volatile week that saw Dubai and Abu Dhabi's indexes close at their lowest points of the year — only to surge again just two days later on the backs of a slight rise in U.S. and Brent crude oil prices.

Analysts say investor concerns were also alleviated when Saudi Arabia and other big Gulf spenders signaled that government expenditures would not be curbed in 2015 despite a cut in oil revenues.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Associated Press

    SIGN UP FOR THE KSL.COM NEWSLETTER

    Catch up on the top news and features from KSL.com, sent weekly.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast