Gulf markets improve as oil breaks $50 mark - Middle East Wrap
**PLEASE NOTE THIS IS A PRESENTED MARKET REPORT**
Thomson Reuters Journalist Kyrrie Blenkinsop says Gulf markets improve as oil breaks $50 mark.
SHOWS: LONDON, ENGLAND, UK (JANUARY 22, 2015) (REUTERS - ACCESS ALL)
1. THOMSON REUTERS, JOURNALIST, KYRRIE BLENKINSOP , SAYING:
A slight rise in oil prices supported most Gulf markets today.
Brent advanced more than 2%, climbing above the 50-dollar a barrel mark.
And that was good news for the Saudi Arabian index edging up 0.3 on the back of a 1.5% gain by petro-chemicals giant Saudi Basic Industries.
We also saw gains from other stocks in the sector as well.
Now steadier prices could buoy petro-chemicals. The sector has really suffered on the back of falling oil prices with profit margins taking a hit.
Global equities were also gave the markets a boost as the European central bank announced it's much anticipated QE program.
Egypt had another strong day rising 0.4%.
Global telecom led the gains up almost 3% adding to gains in the previous session.
The company surged its daily 10% limit on Wednesday after a multi-billion dollar deal to sell more than half of its stake in a local operator to the Algerian government was given the go ahead.
Dubai's bourse enjoyed gains up 0.9% boosted by the banks and property sector.
Dubai Islamic Bank was up almost 2% and Emaar Properties edged up 0.7%.
While Abu Dhabi's benchmark slid 0.4% as most blue-chips weakened.
Telecommunications firm Eti-Salat dragged down the index falling half a percent.
On the flip-side the banks enjoyed gains.
Sharjah bank climbed almost 4.5% after reporting a 23% increase in 2014 net profit.
And Abu Dhabi Islamic Bank was 1.3% higher.
Qatar meantime slipped almost 1.5%.