DUBAI: Dubai’s stock market outperformed the region on Wednesday, as the emirate is set to begin inoculations with the Pfizer-BioNTech vaccine, while the Qatar index fell for a third straight session.
Dubai’s main share index advanced 1.2%, buoyed by a 2.6% jump in blue-chip developer Emaar Properties and a 1.5% increase in Shariah-compliant lender Dubai Islamic Bank.
Dubai will start inoculating people with the Covid-19 vaccine produced by Pfizer and BioNTech for free from Wednesday, the emirate’s government said, joining Saudi Arabia which last week became the first Arab country to begin using this vaccine.
Saudi Arabia’s benchmark index rose 0.5%, with Al Rajhi Bank rising 0.8% and Jabal Omar Development climbing 3.2%. In Abu Dhabi, the index added 0.6%, with the country’s largest lender First Abu Dhabi Bank rising 0.5%, while Aldar Properties advanced 1.6%.
Aldar has signed an agreement to divest two of its district cooling assets on Abu Dhabi’s Saadiyat Island to National Central Cooling Company (Tabreed) for 963 million dirhams ($262.2 million).
Back in Dubai, Tabreed closed 1.5% higher.
The Qatari index fell 0.3%, hit by a 2.1% drop in petrochemical maker Industries Qatar.
Outside the Gulf, Egypt’s blue-chip index rose 0.2%, helped by a 0.4% rise in the country’s top lender Commercial International Bank.
The Arab state’s central bank is set to leave its main interest rate on hold on Thursday, a Reuters poll showed, possibly putting a pause on reductions as persistently high treasury yields fall too.
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