May 09 2021, 7:58 PM
May 09 2021, 2:45 PM
May 09 2021, 7:58 PM
(Bloomberg)
(Bloomberg)
Stocks in Dubai were among the biggest gainers across the Middle East amid optimism that Emaar Properties PJSC earnings may point to a wider recovery in the emirate.
The Dubai Financial Market General Index jumped 0.8% as Emaar advanced as much as 2.8%, the biggest gain on the gauge in point terms. Qatarâs main index rose 0.4%, even after the countryâs finance minister was ordered detained Thursday.
Growing confidence Gulf states are on the cusp of an economic rebound is stoking speculation that property developers will be the biggest beneficiaries. Emaar Properties, which is due to release earnings results in coming days, said last month first-quarter property sales more than doubled from the same period last year. Its malls unit on Sunday reported first-quarter net income that beat the average analyst estimate.
Saudi Stocks Rise on Earnings Optimism, Iran Talks: Inside EM
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Saudi Stocks Rise on Earnings Optimism: Inside EM
Bloomberg 2 hrs ago
Saudi Arabian stocks led gains in the Middle East as better-than-expected earnings fueled investor optimism and talks between Iran and the U.S. to end a years-long standoff progressed.
Share indexes in Dubai, Israel and Egypt also climbed while those in Abu Dhabi, Kuwait, Qatar and Oman fell. Bahrain’s index was little changed.
The recovery in corporate earnings comes at a time when renewed efforts to address long-standing regional enmities are lifting investor sentiment. World powers advanced efforts to revive a 2015 nuclear accord between Iran and the U.S. during weekend negotiations in Vienna. Meanwhile, senior officials from Saudi Arabia and Iran have been holding talks to repair relations between the two countries, the Financial Times reported.
Gulf markets headed up with Abu Dhabi leading from the front, again taking their upbeat sentiments from global markets and encouraging economic news from the US.
Saudi Arabia s benchmark index closed Tuesday 0.2 per cent higher at 9,989 points. Advanced Petrochemical jumped 4.2 per cent after its first-quarter profits soared by more than 64 per cent to SR171 million, while there was an 18 per cent rise in sales to SR632 million. The firm attributed the higher top- and bottom-line to a 36 per cent increase in polypropylene sales prices coupled with a surge in share of profit from an investment in South Korean venture SK Advanced.
Abu Dhabi stocks rallied for an eighth consecutive day in what is its longest stretch of gains in a year, while other GCC markets took their cues from global trends following the strong US economic data.
Bulls went into a frenzy across markets after a survey showed the US service sector activity soared to a record high on the back of robust new orders. The fast-paced growth comes on the heels of last Friday s forecast-beating employment data - the clearest signals yet that the US economy is roaring back thanks to massive fiscal stimulus and speedy vaccinations.
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