Tuesday, June 22, 2021

Major Gulf bourses eke out gains as Abu Dhabi outshines regional peers on financials

Major Gulf bourses eke out gains as Abu Dhabi outshines regional peers on financials

On Sunday, a basket of Gulf bourses had wrapped up the session modestly higher with major Mideast stock indices leading the tally of gains, while Abu Dhabi’s main index had outperformed its regional peers following lofty gains from financials as the UAE’s largest lender, First Abu Dhabi Bank, ascended more than 1 per cent.

In point of fact, almost all major Mideast stock indices had opened up the day in a robust tenure, largely led by the gains in Abu Dhabi’s main index, while more than a 1 per cent rise in crude oil futures’ prices last week, a key catalyst for Gulf bourses, despite growing pandemic cases across the globe, helped buoy up investors’ sentiments.

Major Gulf bourses gain as Abu Dhabi outshines regional peers

On top of that, in the day’s Gulf market closure, Abu Dhabi’s main index advanced 1.1 per cent with First Abu Dhabi Bank having been propelled as much as 1.1 per cent higher, while aquaculture firm International Holding rounded off the session 3.6 per cent higher after reporting a $1.5 billion in net profit over fiscal first quarter of 2021.

Concomitantly, telecom giant Etisalat gained 0.5 per cent following media headlines that the Abu Dhabi-based telecom operator was expected to raise as many as €1 billion in dual-currency bonds. Dubai’s main index winded down 0.8 per cent higher with a 2.3 per cent leapfrog in the shares’ prices of Emaar Properties, the biggest real estate mammoth in Dubai, while Saudi Arabia’s main index ended almost flatlined as property shares’ gains were eclipsed by the declines in financial stocks.

Outside the Gulf, Egypt’s blue-chip index added 0.5 per cent, fuelled up by a 0.8 per cent rise in the country’s largest lender, the Commercial International Bank Egypt. Elsewhere in the Gulf, Qatari bourse rebounded 0.4 per cent with shares’ prices of Commercial Bank advanced as much as 3.1 per cent.

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