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.
GCC Facility Management Market Report 2021: Market Reached a Value of $53,804 3 Million in 2019 and is Predicted to Generate Revenues of $137,297 8 Million by 2030
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GCC Facility Management Market Report 2021: Market Reached a Value of $53,804 3 Million in 2019 and is Predicted to Generate Revenues of $137,297 8 Million by 2030
prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
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.