Bahrain, Oil boost Gulf stocks

Gulf stock markets closed in positive territory yesterday, boosted by a surge in oil prices, an increase in retail investors and encouraging news on Bahrain’s financial prospects.

Oil prices surged last week on concerns that US sanctions against Iran would remove a substantial volume of crude oil from world markets at a time of rising global demand.

Bahrain’s bonds and currency rebounded from multi-year lows late last week after Saudi Arabia, Kuwait and the United Arab Emirates said in a joint statement that they would announce soon measures to support its economy.

The Bahraini index closed 0.2 percent up yesterday. It climbed 0.9 percent since last week’s announcement from the country’s regional allies.