DUBAI: Dubai shares led gains among the Gulf markets on Thursday as property stocks rallied and Egypt extended losses for a fifth straight session. Saudi Arabia's benchmark index rose 0.4%, with Al Rajhi Bank gaining 2.3%, while petrochemical maker Saudi Basic Industries rose 0.5%.
On Wednesday, Saudi Arabia's Capital Market Authority (CMA) said it would allow foreigners to invest directly in debt instruments, further opening the Saudi market to outside investors. Dubai's main share index gained 3.1%, buoyed by a 3.1% rise in sharia-compliant lender Dubai Islamic Bank and a 2.8% increase in Emaar Properties.
The emirate is seeking to attract wealthy foreign retirees as the economy of the Middle East trade and tourism hub reels from the COVID-19 pandemic and low oil prices, prompting many expatriates to leave. The new law could boost Dubai's real estate market, which has been oversupplied for years.
In Abu Dhabi, the index edged up 0.1%, helped by a 0.4% gain in the country's largest lender First Abu Dhabi Bank. The Qatari index rose 0.3%, driven by a 0.6% gain in Qatar Islamic Bank.
Beyond the Gulf, Egypt's blue-chip index lost 0.3%. Commercial International Bank dropped 0.6%, while Telecom Egypt retreated 2.9%. A contraction in Egypt's non-oil private sector gathered speed in August after slowing in July, an indication that Egypt is not back on track after a months-long coronavirus slowdown, a survey showed on Thursday.
Comments
Comments are closed.