Connect with us

Hi, what are you looking for?

Finance

Abu Dhabi stocks hit record high as most Gulf markets gain

Gulf markets

Abu Dhabi index has hit a record high while most Gulf financial markets ended higher on Sunday after reopening after Eid break.

Traders in the Gulf typically cash in shares and are generally cautious of any developments in global markets while their bourses are closed, during holidays.

Gulf markets

Saudi Arabia’s benchmark index (.TASI) gained 0.8%, with Al Rajhi Bank (1120.SE) rising 1.1%. Saudi Arabian Mining Company (1211.SE) also rose more than 5%.

Yanbu National Petrochemicals Company (2290.SE) advanced 2.2% after it completing all required maintenance work and resuming operations at the company’s plants.

After trading hours, the petrochemical firm also reported a sharp rise in quarterly net profit.

As well as, Dubai’s main share index (.DFMGI) finished 1.1% higher as a result of a 3.1% gain in Emirates NBD Bank (ENBD.DU), ahead of its board meeting on Tuesday to discuss first-half financial statements.

In Abu Dhabi, (.ADI) index added 0.6%, hitting a record high, buoyed by a 0.7% rise in telecoms firm Etisalat (ETISALAT.AD).

Abu Dhabi Islamic Bank (ADIB.AD) was also up 2.1%. The sharia-compliant lender has called a board meeting on Wednesday to discuss and approve second-quarter earnings.

After winning an arbitration on the sale of assets in Egypt, Dana Gas (DANA.AD) jumped 2.5%.

In April, Dana Gas said that IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, had requested arbitration after Dana Gas cancelled a sale of oil and gas assets in Egypt.

The Qatari benchmark (.QSI) closed 0.8% higher, with Qatar National Bank (QNBK.QA), the Gulf’s biggest lender, and Qatar Islamic Bank (QISB.QA) rising 1.1% each.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) rose 0.9%. Most of the stocks on the index were in positive territory including top lender Commercial International Bank (COMI.CA), which was up 0.8%.

 

SAUDI ARABIA rose 0.8% to 10,876

ABU DHABI added 0.6% to 7,106

DUBAI up 1.1% to 2,774

QATAR gained 0.8% to 10,778

EGYPT rose 0.9% to 10,746

BAHRAIN was up 0.5% to 1,586

OMAN eased 0.6% to 4,051

KUWAIT added 1.1% to 7,010.

Finance

The value of project investments in the Gulf hotel industry amounted to about $27 billion, according to Hotelier website specialized in hotels around the...

special

Standard & Poor’s has expected oil prices to reduce Gulf’s budgets deficit for the current year by the nearly the half. The agency expected...

News

At the time the world is trying to fight the Coronavirus pandemic, and amid the repeated economic shutdowns, labor rights violations have escalated in...

video

Recording profits of $25 billion in 2020 – the lowest since 2002, Gulf banks net profits in 2020 were the lowest in 7 years,...