DUBAI: Dubai’s stock market closed higher on Monday after blue-chip developer Emaar Properties reported strong property sales, while the Egypt index was weighed down by a drop in its biggest lender Commercial International Bank.
The main share index in Dubai rose 0.7%, boosted by a 1.5% rise in Emaar Properties after the company posted a more than three-fold jump in property sales for the first five months of 2021.
In Abu Dhabi, the index was up 0.3%, as telecom operator Emirates Telecommunications Group rose 0.5% and market heavyweight First Abu Dhabi Bank gained 0.2%.
Saudi Arabia’s benchmark index closed 0.3% higher, supported by a 1.7% rise in Dr. Sulaiman Al-Habib Medical Services Group.
Saudi Aramco was up 0.1% after news that the oil giant has hired banks to arrange its inaugural issuance of US dollar-denominated sukuk, as it seeks cash to fulfil large commitments to its major shareholder, the Saudi government.
Qatar’s index lost 0.3% to record its third straight session of losses, as the Gulf’s largest lender, Qatar National Bank, dropped 0.6% and petrochemical maker Industries Qatar ended 0.6% lower.
QNB on Friday signed an agreement with Moscow-based asset manager VTB Capital Investments to launch funds to attract foreign capital into Russia and Qatar and build offerings for international investors.
Outside the Gulf, Egypt’s blue-chip index closed 0.2% lower as the country’s largest lender, Commercial International Bank, declined 3% and Fawry For Banking Technology and Electronic Payment fell 3.5%.