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Asian shares joined a global rally and scaled a fresh decade peak on Wednesday as strong world growth and rising corporate profits lured hordes of investors into equities.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.6 percent to Wednesday’s 1.3 percent rise, the biggest gain in eight months, supported by energy and technology sectors.
In the Middle East, most stock markets fell on Tuesday, weighed down by geopolitical worries, but Abu Dhabi's index was boosted by government plans to privatise parts of Abu Dhabi National Oil Co (ADNOC).
Saudi Arabia's stock index fell 0.4 percent on the back of weak banks and cement shares. National Commercial Bank , the largest lender, lost 1.8 percent while Riyad Bank fell 1.2 percent. Northern Cement lost 1.1 percent.
In Abu Dhabi, the index edged up 0.5 percent. In Dubai, the index fell 0.2 percent as Emaar Properties declined a further 1.0 percent to 7.60 dirhams.
Egypt's main index edged up 0.3 percent.
In currencies, the dollar treaded water against its peers on Wednesday, capped as U.S. Treasury yields failed to rise despite increasing investor risk appetite in broader financial markets.
The dollar index against a basket of six major currencies was little changed at 93.941.
In commodities, oil prices climbed on Wednesday after a reported fall in U.S. crude inventories and on expectations that an OPEC-led production cut aimed at tightening the market will be extended beyond next March.
Brent crude futures, the international benchmark for oil prices, were at $63.07 per barrel at 0257 GMT, up 50 cents, or 0.8 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $57.74 a barrel, up 92 cents, or 1.6 percent.
Spot gold was barely changed on Wednesday at $1,280.61.
I n other news, China’s central bank governor said the nation will strengthen policy coordination between central and local financial regulators, the official People’s Daily reported on Wednesday.
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MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.6 percent to Wednesday’s 1.3 percent rise, the biggest gain in eight months, supported by energy and technology sectors.
In the Middle East, most stock markets fell on Tuesday, weighed down by geopolitical worries, but Abu Dhabi's index was boosted by government plans to privatise parts of Abu Dhabi National Oil Co (ADNOC).
Saudi Arabia's stock index fell 0.4 percent on the back of weak banks and cement shares. National Commercial Bank , the largest lender, lost 1.8 percent while Riyad Bank fell 1.2 percent. Northern Cement lost 1.1 percent.
In Abu Dhabi, the index edged up 0.5 percent. In Dubai, the index fell 0.2 percent as Emaar Properties declined a further 1.0 percent to 7.60 dirhams.
Egypt's main index edged up 0.3 percent.
In currencies, the dollar treaded water against its peers on Wednesday, capped as U.S. Treasury yields failed to rise despite increasing investor risk appetite in broader financial markets.
The dollar index against a basket of six major currencies was little changed at 93.941.
In commodities, oil prices climbed on Wednesday after a reported fall in U.S. crude inventories and on expectations that an OPEC-led production cut aimed at tightening the market will be extended beyond next March.
Brent crude futures, the international benchmark for oil prices, were at $63.07 per barrel at 0257 GMT, up 50 cents, or 0.8 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $57.74 a barrel, up 92 cents, or 1.6 percent.
Spot gold was barely changed on Wednesday at $1,280.61.
I n other news, China’s central bank governor said the nation will strengthen policy coordination between central and local financial regulators, the official People’s Daily reported on Wednesday.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here
