Xinhua, Dubai :
Most stocks listed on Gulf Arab exchanges posted solid gains Wednesday as the first financial results for the first quarter of 2015 hit the tapes and oil prices continued to rally.
The Dubai financial market general index recorded the biggest surge in the oil-rich region, closing 2.95 percent higher at 3,941. 77, representing a two-month high.
Deyaar Development jumped 3.87 percent. Earlier in the day, the Islamic real estate firm said its net income in the first quarter rose 5.96 percent year on year, reaching 55.22 million dirham (15. 04 million U.S. dollars).
Dubai Islamic Bank was inflated by 5.30 percent to close at 6. 75 dirham (1.83 dollars). Earlier in the day, Dubai’s biggest and oldest Islamic financial institution said it generated in the first three months this year a net profit of 850 million dirham (231.61 million dollars).
In Doha, the Qatar exchange 20 index advanced by 0.97 percent to hit 11,892.15 as all sector indices landed in the green.
On Tuesday, Qatar became the first country in the Middle East to launch a clearing center for RMB, China’s currency.
Dr. Nasser Saidi, a leading economist and former chief economist of the Dubai international finance center authority, said Qatar’s new role in RMB-trading demonstrates the geographic shift of the global economic center to the east from the west.
The shares of Qatar Islamic Bank or QIB advanced by 0.40 percent at 101.70 Qatari riyal (26.44 dollars). QIB said its net income grew by 19 percent to reach 400 million Qatari riyal (104 million dollars) for the three months ending on March 31.
Customer deposits of QIB have registered a growth of 21 percent year on year and now stand at 71 billion Qatari riyal (18.46 billion dollars), allowing the bank to achieve a financing to deposit ratio of 91 percent.
In Saudi Arabia, the Tadawul All-Share Index gained 2.21 percent, finishing the trading session at 9,164.44 points.
Oil prices continued to surge amid the ongoing Saudi-led military campaign against Shiite Houthi group in Yemen. WTI oil added 1.30 percent to trade at over 54 dollars per barrel, a new high so far this year.
In addition, the international energy agency (IEA) in Paris said earlier in the day that global energy demand would grow stronger than expected, the Wall Street Journal reported.
Most stocks listed on Gulf Arab exchanges posted solid gains Wednesday as the first financial results for the first quarter of 2015 hit the tapes and oil prices continued to rally.
The Dubai financial market general index recorded the biggest surge in the oil-rich region, closing 2.95 percent higher at 3,941. 77, representing a two-month high.
Deyaar Development jumped 3.87 percent. Earlier in the day, the Islamic real estate firm said its net income in the first quarter rose 5.96 percent year on year, reaching 55.22 million dirham (15. 04 million U.S. dollars).
Dubai Islamic Bank was inflated by 5.30 percent to close at 6. 75 dirham (1.83 dollars). Earlier in the day, Dubai’s biggest and oldest Islamic financial institution said it generated in the first three months this year a net profit of 850 million dirham (231.61 million dollars).
In Doha, the Qatar exchange 20 index advanced by 0.97 percent to hit 11,892.15 as all sector indices landed in the green.
On Tuesday, Qatar became the first country in the Middle East to launch a clearing center for RMB, China’s currency.
Dr. Nasser Saidi, a leading economist and former chief economist of the Dubai international finance center authority, said Qatar’s new role in RMB-trading demonstrates the geographic shift of the global economic center to the east from the west.
The shares of Qatar Islamic Bank or QIB advanced by 0.40 percent at 101.70 Qatari riyal (26.44 dollars). QIB said its net income grew by 19 percent to reach 400 million Qatari riyal (104 million dollars) for the three months ending on March 31.
Customer deposits of QIB have registered a growth of 21 percent year on year and now stand at 71 billion Qatari riyal (18.46 billion dollars), allowing the bank to achieve a financing to deposit ratio of 91 percent.
In Saudi Arabia, the Tadawul All-Share Index gained 2.21 percent, finishing the trading session at 9,164.44 points.
Oil prices continued to surge amid the ongoing Saudi-led military campaign against Shiite Houthi group in Yemen. WTI oil added 1.30 percent to trade at over 54 dollars per barrel, a new high so far this year.
In addition, the international energy agency (IEA) in Paris said earlier in the day that global energy demand would grow stronger than expected, the Wall Street Journal reported.
