Gulf stocks climb with Dubai gaining 9.9 percent

AP News
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Posted: Dec 21, 2014 12:04 PM

DUBAI, United Arab Emirates (AP) — Gulf stocks have opened the week with a climb that saw Dubai's main index gaining 9.9 percent.

Qatar's stock market also saw big gains of 7.6 percent, while Abu Dhabi's index rose almost 3.5 percent. Saudi Arabia's stock market closed trading Sunday nearly 2.5 percent higher.

The upswing comes after a volatile week that saw Dubai and Abu Dhabi's indexes close at their lowest points of the year — only to surge again just two days later on the backs of a slight rise in U.S. and Brent crude oil prices.

Analysts say investor concerns were also alleviated when Saudi Arabia and other big Gulf spenders signaled that government expenditures would not be curbed in 2015 despite a cut in oil revenues.