Gulf stock markets rose in early trade on Sunday after oil made further gains and local companies reported upbeat results.
Brent crude jumped 2.2 per cent to $57.80 per barrel on Friday, posting its largest two-week gain in 17 yea
The new head of Saudi Arabia's securities regulator said the kingdom remained on track to open its $510 billion stock market to direct foreign investment in the first half of this year.
Mohammed Al-Jadaan, founding partner at
When Saudi Arabia announced last July that it would open its stock market to direct foreign investment, a common worry among fund managers was that when the reform finally took place, the market would simply be too expensive to buy.
Most Gulf stock markets maintained their positive momentum on Sunday, supported by good corporate news, but major petrochemical producer Industries Qatar tumbled and dragged down the Doha bourse after announcing a dividend cut.
Gulf stock markets rose on Thursday after oil rebounded slightly from its Wednesday low and several companies made positive announcements.
Supported by a fall in US crude oil inventories, Brent futures bounced around $51 per barre
Several companies in the United Arab Emirates have decided to hold off on initial public offers of shares because of the weakness of stock markets, the head of the securities regulator said on Wednesday.
"There are some IPOs
Gulf stock markets extended their losses on Tuesday as Brent crude plunged for a second session in a row and the threat of a fresh euro zone crisis in Greece also prompted investors to sell risky assets globally.
Brent crude touch
Gulf stock markets fell in early trade on Tuesday after Brent crude plunged 5 per cent a day earlier and the threat of a fresh euro zone crisis in Greece also prompted investors to sell risk assets globally.
Dubai's index tumb
Gulf stock markets extended their declines in broad sell-offs on Monday as the price of Brent crude oil fell below $55 per barrel for the first time since 2009.
Brent futures tumbled more than 3 per cent as data showed that Russia
Most Gulf stock markets fell in low-volume trade on Sunday after Brent crude closed down nearly a dollar a barrel at $56.42 on Friday.
Saudi Arabia's main equities index edged down 0.3 per cent with most blue chips in the red.