All investor eyes on Emirates NBD first quarter results for next cues gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
Saudi Arabian stocks extended their losses under selling pressure from banking blue-chips, while other GCC markets put on a lackluster performance ahead of first quarter earnings in the coming days.
Saudi Arabian benchmark index traded lower by 0.3 per cent at 9,908 points in what was its third straight day of losses. Financial stocks weighed the index more than other sectors with Al Rajhi Bank, Banque Saudi Fransi and Arab Bank heading lower. Chubb Arabia Cooperative Insurance dipped after its board said there would be no dividend handouts for last year.
Down on merger talks
Alahli Takaful sank 3.2 per cent after signing of a memorandum of understanding with Arabian Shield Cooperative Insurance aimed at a potential merger. They did not state the amount Alahli Takaful will be valued at or what the number of shares its shareholders will get in Arabian Shield post-merger.
Clear winners - and losers - among UAE stocks in first quarter investor picks gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
UAE and other Gulf stocks opened the day on a higher note riding on optimism created by the US recording a surge in employment data for March. The numbers suggest that US business activity is coming back thanks to stimulus packages and a robust COVID-19 vaccination campaign.
The investors are upbeat as any turnaround in the world s biggest economy will have spillover impacts, propelling global stock markets upward on Monday.
Soaring on divestiture
Abu Dhabi Securities Exchange soared 1.1 per cent at 6,016 points in yet another stellar performance on its seventh day of consecutive gains. The index advance was mainly led by International Holding, which gained 11.3 per cent to Dh73.9 after announcing its plan to divest 100 per cent shareholding in Trust International Group for a sale consideration of Dh350 million.