Mideast Stocks: Dubai leads major Gulf bourses higher

Mideast Stocks: Dubai leads major Gulf bourses higher

Major stock markets in the Gulf registered strong gains in early trade on Tuesday, tracking Asian shares and oil prices higher, with Dubai bourse leading the gains on prospect of changes in indices.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.7%, led by gains in Australia, after Britain scrapped bits of a controversial tax cut plan, tentatively improving global market sentiment and rallying bonds and the pound.

Crude prices edged higher as expectations that OPEC+ may agree to a large cut in crude output when it meets on Wednesday offset concerns about the global economy.

Dubai's main share index climbed 1.5%, buoyed by a 2.3% leap in blue-chip developer Emaar Properties and a 1.7% increase in sharia-compliant lender Dubai Islamic Bank .

Dubai Financial Market (DFM) said on Monday it planned to adopt a new methodology for its main equities indices, which will come into effect in the fourth quarter.

The Dubai bourse's general index, Sharia index and sector indices, will be calculated by S&P Dow Jones Indices, it said in a statement.

The changes follow a flurry of initial public offerings from state-linked entities this year, part of a government programme intended to attract investors and boost activity on the stock exchange.

In Abu