Gulf rises after oil’s rally, Dubai jumps
Gulf's stock market
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DUBAI: Dubai’s stock market led gains in the Gulf in early trade on Sunday after oil prices rebounded, improving the sentiment of investors in the region. The emirate’s index jumped 3.0 percent and developer Emaar Properties, the most traded stock, surged 4.8 percent.Other actively traded stocks were also from the property or related sectors. Union Properties surged 4.5 percent and mortgage lender Amlak Finance added 2.8 percent.

Dubai’s benchmark is still down about 10 percent month-to-date after panicked sell-offs across the region prompted by oil hitting its lowest levels since 2009.

In addition to oil’s rebound late last week, property stocks may be supported by hopes that the U.S. Federal Reserve will postpone an interest rate increase which analysts had previously expected in September.

Those Fed officials who are anxious to raise rates said at an annual global central bankers’ conference on Friday that continued market turmoil might lead the U.S. central bank to delay tightening monetary policy.

Most Gulf states keep their currencies pegged to the dollar and replicate the Fed’s interest rate adjustments.

Elsewhere in the Gulf, Abu Dhabi’s bourse rose 1.7 percent, Kuwait added 0.6 percent and Oman was up 0.5 percent.

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