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Markets

Property shares buoy UAE bourses; Egypt snaps losing streak

  • Aldar extends gains on govt capital projects.
  • The worst is over for oil market - Saudi energy minister.
  • National Commercial Bank's Q3 profit rises.
27 Oct 2020

Major Gulf markets ended higher on Tuesday, with gains in real estate shares boosting indexes in the United Arab Emirates, while Egypt snapped eight sessions of losses.

The Abu Dhabi index closed up 1.3%, boosted by a 11.8% surge in Aldar Properties which saw its biggest intraday gain in nearly six years on Monday after announcing it will take over the management and development of government capital projects worth 30 billion dirhams ($8.17 billion) under an agreement with state-backed ADQ.

First Abu Dhabi Bank increased 1.4%. In the previous session, the United Arab Emirates' biggest lender reported a 19% fall in quarterly profit, dragged down by a double-digit drop in net interest income and higher impairment charges.

Dubai's main share index gained 1.1%, led by a 5.8% rise in blue-chip developer Emaar Properties and a 6.7% jump in DAMAC Properties.

Saudi Arabia's benchmark index added 0.5%, with oil giant Saudi Aramco rising 1.2% and Al Rajhi Bank increasing 0.5%.

The kingdom's Energy Minister Prince Abdulaziz bin Salman said on Monday that the worst was over for the oil market.

Elsewhere, National Commercial Bank advanced 1.1%. Post trading hours, the kingdom's largest lender reported a higher net profit in the third quarter.

In Qatar, the index rose 0.5%, supported by a 2.2% leap in lender Masraf Al Rayan and a 2.9% rise in Commercial Bank.

Outside the Gulf, Egypt's blue-chip index was up 0.5%, as most of the stocks on the index were in positive territory including Commercial International Bank Egypt , which was up 0.9%.