Dubai shares gain amid property recovery optimism
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Dubai shares gain amid property recovery optimism
The Dubai Financial Market General Index jumped 0.8 per cent as Emaar advanced as much as 2.8 per cent
May 10, 2021
Stocks in Dubai were among the biggest gainers across the Middle East amid optimism that Emaar Properties earnings may point to a wider recovery in the emirate.
The Dubai Financial Market General Index jumped 0.8 per cent as Emaar advanced as much as 2.8 per cent, the biggest gain on the gauge in point terms. Qatar’s main index rose 0.4 per cent, even after the country’s finance minister was ordered detained on Thursday.
Dubai: Abu Dhabi stocks expanded last week s gains and picked up on the back of blue-chip banking stocks, while advances in Dubai stocks were once again led by the property shares ahead of their earnings announcements.
Abu Dhabi Securities Exchange traded 0.7 per cent higher at 6,196 points to extend gains from the last week, marking its fifth advance in the previous six session. The bull run came riding on strong first-quarter results from the corporate world and followed two earlier weeks of subdued performance when fears of resurging pandemic took hold, driving investors towards cashing in their positions.
Flying high on merger plan
Dubai: Abu Dhabi and Dubai stocks eked out hefty gains on the first day of the new week, extending their recent rally triggered by a host of upbeat first-quarter results. The markets are expected to sustain the run of gains as companies have last few days left for earnings announcements.
Abu Dhabi Securities Exchange shot up 1.1 per cent at 6,218 points in what was its fifth advance in the last six sessions and its biggest single-day leap since the middle of last month. International Holding surged 3.6 per cent adding to its advances after the firm reported unprecedented top- and bottom-line numbers. Financial sector also did not lag with First Abu Dhabi Bank racing up 1.1 per cent and Abu Dhabi Islamic Bank and Abu Dhabi Commercial Bank joining in the rally.
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Using public transport to get to Expo
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Dubai: Saudi Arabian stocks headed lower with the banking stocks leading the losses after subdued first-quarter results from the sector. Dubai and Abu Dhabi stocks outperformed as the momentum created by the earnings goes on.
Saudi Arabia benchmark index inched down 0.5 per cent at 10,362 points. Riyad Bank retreated 2.8 per cent after the first-quarter profits shrank more than 8 per cent taking a hit from higher total operating expenses coupled with lower total operating income. Impairment charges on investments rose over 4 per cent, though the impairment allowances for credit losses dropped to SR249 million from SR303 million it took on, for the corresponding period last year.