UAE and other GCC stocks soared, driven by a combination of factors from fairly good-looking first-quarter numbers and Qatar s foreign ownership limit removal to oil demand outlook and lower consumer inflation in Saudi Arabia.
Dubai Financial Market scaled 2.5 per cent higher at 2,633 points, making for the second-sharpest single-day rise this year as Emaar Properties soared 6 per cent for its best performance year-to-date. The index was further boosted as the rally expanded to the rest of the property shares, with Emaar Development up 5 per cent, while Damac Properties and Deyaar Development raced beyond 3 per cent.
Earnings extend rally
Dubai s real estate sector saw an upside in most of the recent sessions, buoyed by more than a two-fold uptick in Emaar sales numbers and which could indicate how property firms have fared in the first-quarter. The argument was further backed up by Deyaar Development, whose profit figures came in at more than five times last year. Its topline e
Dubai logistics firm Tristar s IPO withdrawal could force rethink by others
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Commodities trading 2021 | Markets – Gulf News
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Abu Dhabi and Dubai stocks ended the week on a high note with high-profile stocks leading, while petrochemical stocks pushed down the Saudi index ahead of an OPEC+ announcement on oil output guidance for the weeks ahead.
Abu Dhabi Securities Exchange gained 0.5 per cent to 5,942 points in what was its fifth rise in as many days, which helped the index close out the best week in months with a 3.8 per cent gain. Gulf Pharmaceutical Industries advanced a further 2.5 per cent after posting massive gains in recent trades, which followed its signing of a deal to manufacture COVID-19 vaccine.
Others to make gains were International Holding, Abu Dhabi Islamic Bank and Dana Gas, but the biggest single boost came in from Etisalat, which firmed up 1.9 per cent to Dh22.1. The telco has been one of the top gainers on the index so far this year as it continued to command investor confidence in its future and which was backed by robust earnings and one of the best dividend payouts.