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 Urban Master Plan 2040 to fuel more demand for housing - Deyaar CEO
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Dubai developer Deyaar sees sharp rise in first quarter 2021 net profit to Dh15 1m
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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.