Gulf markets rise alongside oil

Most Gulf stock markets rose early on Wednesday, after oil prices edged up and Chinese shares rebounded. Dubai's index climbed 1.2 per cent and property developer DAMAC was the most traded stock, jumping 2.8 per cent after its shareholders approved the firm's first cash dividend since it listed in Dubai in January. DAMAC will pay investors 0.1 dirham per share in cash and make a 10 per cent bonus share issue. Abu Dhabi's index rose 0.8 per cent with most stocks positive. Energy firms Dana Gas and Abu Dhabi National Energy Co. jumped 4.0 and 2.0 per cent respectively after oil prices rose on an unexpected US stockpile draw. Markets in Qatar and Kuwait both edged up 0.2 per cent, while Oman's bourse was flat, according toReuters.

--Shuvo--