DUBAI: The Dubai stock market ended higher on Thursday, boosted by gains in financials and property stocks, while other major Gulf markets were subdued in the absence of a fresh catalyst.
In Dubai, the main share index advanced 1.5%, with its top lender Emirates NBD rising 1.6%, while Shariah-compliant lender Dubai Islamic Bank gained 1.7%.
Emirates NBD sold $750 million in Additional Tier 1 bonds on Thursday after receiving more than $1.75 billion in orders for them, a document showed.
Dubai house prices will rise for the first time in six years this year, supported by a swift vaccine rollout that has lifted hopes for an overall economic recovery, according to a Reuters poll of property analysts.
All property shares rose on the index including DAMAC Properties, which jumped over 6% to become the top gainer on the index.
The Dubai index registered a weekly gain of 2%.
Saudi Arabia’s benchmark index fell 0.3%, with petrochemical firm Saudi Basic Industries losing 1.8%, while Al Rajhi Bank was down 0.6%.
The kingdom’s inflation rate quickened to 5.3% in April from 4.9% the previous month, still reflecting an increase in value-added tax last year, official data showed. The Abu Dhabi index traded flat, as gains in telecoms firm and property shares were offset by declines in financials.
In Qatar, the index lost 0.4%, hit by a 1.3% fall in Industries Qatar and a 1.4% decline in Commercial Bank.
Outside the Gulf, Egypt’s blue-chip index dropped 0.7%, snapping a two-session winning streak, with Fawry For Banking Technology and Electronic shedding 3.3%.
Comments
Comments are closed for this article.