Abu Dhabi outshone Gulf stock markets in early trade on Monday, as a rise in oil prices and stronger-than-expected Chinese economic data lifted investor sentiment.
China’s factory output and retail sales in the January-February period beat expectations, data showed on Monday, marking a solid start to 2024 and offering some relief to policymakers.
Abu Dhabi’s benchmark stock index jumped 6.2%, the highest intraday upsurge in nearly four years, lifted by a rise of 1.4% in the UAE’s largest lender First Abu Dhabi Bank while E7 and National Marine Dredging gained 4.6% and 1.5% respectively.
“ADX was driven by gains in commodities that gained momentum for G7 Group and NMDC that relies on energy & construction,” said Mazen Salhab, chief market strategist MENA at BDSwiss.
“We think that the markets’ behaviour reflects the ongoing trust in Abu Dhabi’s ambitious plan to lure more wealthy people and permanent-residence investors”.
UAE stock markets fall on weak oil prices
The Qatari benchmark index was up 0.3%, with Qatar Gas Transport rising 2% and Industries Qatar gaining 0.5%.
Oil prices - a catalyst for the Gulf’s financial markets- climbed with Brent up 0.5% at $85.8 a barrel by 0740 GMT.
O/R Saudi Arabia’s benchmark stock index eased 0.2%, weighed down by a 1.5% drop in Saudi Arabian Mining and a 1.6% decline in Riyad Bank.
Dubai’s benchmark stock index dropped 0.4% with toll operator Salik Company falling 3.2% and Emirates NBD, the Emirate’s largest lender, losing 0.6%.
Comments
Comments are closed for this article.