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UAE, Saudi bourse extend early summer rally
Last Updated(Beijing Time):2012-06-12 01:54

Gulf Arab markets closed Monday session mixed, with Dubai, Abu Dhabi and Riyadh advancing further, while Bahrain and Kuwait failing to get positively affected by a global relief surge.

In the United Arab Emirates (UAE), the Dubai market gauge DFMGI advanced the fourth session straight, ending 1.10 percent higher at 1,483.00 points amid high trading volumes. This was the biggest day-gain on Monday.

Input from Asian and European markets was positive as traders hailed Spain's bailout request worth 100 billion euros (125 billion U.S. dollars).

Market bellwether Emaar Properties gained 0.70 percent, reaching 2.88 dirhams (0.78 U.S. dollars). At the NASDAQ Dubai, the FTSE NASDAQ Dubai UAE 20 Index geared up by a quarter percentage point. The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange ADX and NASDAQ Dubai. Shares of Dubai Ports (DP) World declined 1.73 percent to 10.25 U.S. dollars amid low trading volumes. Since May 7, the global port operator has been trading sideways in a range between 10 to 11 U.S. dollars.

The ADX General Index gained 0.36 percent to close at a three- week high at 2,463.38 points.

Elsewhere in the region, Saudi Arabia's Tadawul All-Share Index flirted with the level above 6,800, but was eventually driven back slightly and closed at 6,790.96 (up 0.61 percent). The rise was broad as 108 shares advanced, while 24 declined.

The Riyadh gauge was lifted by advancing oil prices. In Dubai, the DME Oman crude futures contract jumped over three percent to hit 98.6 U.S. dollars.

Ahead of the 161th summit of the oil exporting member states of the OPEC, speculations came up that the cartel will cut production in order to increase the price of the "black gold", local Saudi media reported.

Due to record-high production in the Gulf Arab states, which aim to replace a shortfall from Iran which will be under a full European oil embargo from July 1 on, oil prices dived over 12 percent in the last four weeks.

Elsewhere in the region, a lackluster Kuwait Stock Exchange slipped 0.63 percent to 6,072.36, while Bahrain saw its lead index closing off 0.22 percent at 1,135.01 points.

Source:Xinhua 
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