UAE stock markets extended gains in early trade on Tuesday as did other Gulf stocks, continuing to take cues from global markets. The investors remain generally bullish on renewed hopes about the US stimulus package getting past lawmakers, while the European Union secured pledges of increased vaccine shipments.
Dubai Financial Market traded 1.2 per cent higher adding to its hefty gains on Monday. The rally triggered gains in all sectors, with banking and real estate getting the lion s share. Emaar Properties made a further advance of 2.6 per cent after posting this year s second best single-day performance on Monday. Damac climbed 1.5 per cent, while Emaar Malls eked out 1.6 per cent.
UAE and other Gulf seem to have regained some bullishness, with stocks advancing in early trade on Monday, closely tracking advances set by Asian peers and oil prices. At least, early on Monday, there is a sense of renewed optimism about the global growth.
The UAE markets have won back most of the losses they suffered Sunday as they traded under pressure from heavy sell-offs hitting in world stock markets over the weekend. Abu Dhabi Securities Exchange climbed 0.8 per cent, bolstered mainly by its banking stocks. First Abu Dhabi Bank advanced 1.1 per cent, recouping losses.
Ahead of expectations
Abu Dhabi Commercial Bank also ticked higher - by 0.8 per cent - after reporting forecast-beating full-year results and recommending Dh0.27 per share dividend. The lender posted a 27 per cent decline in 2020 profit as net impairment charges spiked in a macro-economic environment challenged by the health crisis and as it booked provisions on NMC Health Group and Finablr.