ANL 13.16 Increased By ▲ 0.01 (0.08%)
ASC 15.20 Increased By ▲ 0.10 (0.66%)
ASL 15.52 Decreased By ▼ -0.13 (-0.83%)
AVN 107.50 Increased By ▲ 0.02 (0.02%)
BOP 8.37 Decreased By ▼ -0.03 (-0.36%)
CNERGY 6.08 Decreased By ▼ -0.13 (-2.09%)
FFL 9.04 Increased By ▲ 0.03 (0.33%)
FNEL 8.55 Decreased By ▼ -0.05 (-0.58%)
GGGL 13.36 Increased By ▲ 0.46 (3.57%)
GGL 20.31 Increased By ▲ 0.53 (2.68%)
GTECH 9.36 Increased By ▲ 0.29 (3.2%)
HUMNL 7.14 Increased By ▲ 0.34 (5%)
KEL 3.12 Increased By ▲ 0.01 (0.32%)
KOSM 4.48 Increased By ▲ 0.33 (7.95%)
MLCF 34.54 Increased By ▲ 0.39 (1.14%)
PACE 4.09 Increased By ▲ 0.11 (2.76%)
PIBTL 7.16 Increased By ▲ 0.01 (0.14%)
PRL 14.10 Decreased By ▼ -0.22 (-1.54%)
PTC 8.60 Decreased By ▼ -0.13 (-1.49%)
SILK 1.32 Decreased By ▼ -0.02 (-1.49%)
SNGP 33.80 Decreased By ▼ -0.30 (-0.88%)
TELE 17.45 Decreased By ▼ -0.05 (-0.29%)
TPL 12.22 Decreased By ▼ -0.03 (-0.24%)
TPLP 27.34 Decreased By ▼ -0.56 (-2.01%)
TREET 38.50 Decreased By ▼ -0.50 (-1.28%)
TRG 84.98 Increased By ▲ 0.98 (1.17%)
UNITY 29.15 Increased By ▲ 1.41 (5.08%)
WAVES 15.60 Decreased By ▼ -0.07 (-0.45%)
WTL 2.22 Increased By ▲ 0.06 (2.78%)
YOUW 7.76 Increased By ▲ 0.42 (5.72%)
BR100 4,623 Increased By 5.5 (0.12%)
BR30 17,917 Increased By 191.5 (1.08%)
KSE100 45,078 Decreased By -5.1 (-0.01%)
KSE30 17,793 Decreased By -35.1 (-0.2%)

coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,192
3024hr
Pakistan Cases
1,402,070
8,18324hr
Sindh
535,965
Punjab
471,925
Balochistan
34,187
Islamabad
123,648
KPK
189,300
Markets

UAE stocks rise, Dubai outperforms on first trading day of 2021

  • Qatar enters another year of its blockade by Saudi Arabia, Egypt, UAE and Bahrain on accusations of backing "terrorist" groups, charges which Doha denies.
03 Jan, 2021

Stock markets in the United Arab Emirates rose in early trade on Sunday, starting 2021 on a positive note in line with the country's economic forecast and eclipsing a recent record jump in COVID-19 cases.

The International Monetary Fund expects the country's economy to swing back to growth of 1.3% this year from a 6.6% contraction in 2020.

The UAE recorded its fourth straight record number of daily coronavirus cases since the pandemic began, reporting 1,963 cases on Saturday.

Dubai's index gained 0.8%, boosted by real estate and banking shares. Emirates NBD increased 1.5%, while Emaar Properties led the gains at property stocks, rising 1.1%.

Dubai is expected to grow by 4% in 2021.

"I expect 2021 to be a grand reopening year for the Dubai business and economy. I think the pent-up travel & tourism demand, as well as revenge buying should provide the demand boost to major economic sectors", said Joice Mathew, senior research manager at United Securities.

"Meanwhile, the Expo 2020 scheduled for 2H-2021 should provide a big boost to consumer-linked sectors", Junaid Ansari, Acting Head of Investment Strategy & Research at Kamco Invest said.

In Abu Dhabi, the index was up 0.4% as First Abu Dhabi Bank rose 0.8% and telecoms major Etisalat added 0.6%.

Saudi Arabia's benchmark index was down 0.6%. Saudi Industrial Investment was the biggest loser, declining 4% as it traded ex-dividend.

Saudi Basic Industries shed 0.6%.

The Qatari index was down 0.3% as Commercial Bank dropped 2.2% and Industries Qatar lost 0.6%.

Qatar enters another year of its blockade by Saudi Arabia, Egypt, UAE and Bahrain on accusations of backing "terrorist" groups, charges which Doha denies.

A Gulf Cooperation Council (GCC) summit will be held on Jan. 5 to discuss steps towards ending the diplomatic row with Qatar.

"I see some regional companies from Saudi, UAE, and Qatar to benefit in case these countries reach a settlement to the issues and remove the blockade", said Mathew.

Comments

Comments are closed.