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DUBAI, Aug. 15 (Xinhua) -- The fresh revival of oil prices nudged the Dubai financial market general index (DFMGI) to its highest level this year on Monday, corresponding with the rally at global stock exchanges.
The DFMGI closed 0.98 percent higher at 3,602.47 on heavy trading, both the highest level in 2016 and since October 2015. The price of the United States crude oil rose above 45 U.S. dollars a barrel.
Gary Dugan, Chief Investment Officer of Dubai's biggest lender, Emirates NBD, said in his weekly market commentary that oil prices have registered their best weekly performance since April.
"As the OPEC announced it would hold an informal meeting in September, Saudi Arabia's energy minister said the kingdom would participate and coordinate in order to help stabilize the oil market," he said.
Sentiments in East Asia and elsewhere additionally improved the disposition on the trading floor in Dubai's world trade center tower.
In China, stocks reached a seven-month high upon speculation of another stimulus round from the central bank, while Germany's market index, DAX, also climbed to a 2016-high, closing at 10,739.
On the DFM, shares of Arabtec Holding, one of the biggest construction firms in the Middle East, increased by 1.32 percent to reach 0.41 dollars.
Arabtec said on Sunday that it has cut its losses in the year's second quarter to 50.8 million dollars, down from 195 million dollars.
Emaar Properties, the United Arab Emirates first real estate development company, closed up 1.36 percent at 2.02 dollars.
Emaar's rise also marks the release of a narrow trading channel where shares were locked since its CEO Abdullah Lahej resigned in April 2016.
On the international market Nasdaq Dubai, DP World, the world's largest maritime port operator, jumped 4.40 percent to reach 19 dollars, representing a three-month-high.
"Emerging markets continue to see influxes aided by relatively lower estimates and regulated financial conditions," said Emirates NBD's Dugan.
