Dubai Bourse snowballs to a two-month high, Saudi's plummets


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Dubai Bourse snowballs to a two-month high, Saudi's plummets

The shares in Dubai bourse mushroomed to a two-month high on Sunday, the 24th of February, 2019, after falling slightly in the previous session, and the gains were largely led by strong real estate earnings, while a weaker financial sector had catalyzed curbs for both Saudi and Qatari bourses.

During the intra-day trading on Sunday (February 25th), the Dubai index gained 1.3 percent, largely galvanized by the gains of Emaar properties, which surged by 3.2 percent, while the Damac properties skyrocketed, jumped by 8.4 percent and.

Emirates NBD dropped by 5.3 percent after the bank had announced last week that they had received stakeholders’ approval for introducing new shares. Despite strong gains from the real estate sector in UAE, analysts had forecasted a 5 to 10 percent drop in real estate stocks this year.

The Saudi index drooled by 0.4 percent, mainly molded by the shares of Al Rajhi Bank, the shares of which had drained nearly 1 percent, while the Saudi Basic Industries Corp. had also lost 0.7 percent. Qatar index remained flatlined for most part of the day, while the Abu Dhabi indexes gained 1 percent.

The Egyptian main index, leading gainer in Middle East this year, soured as many as 1.3 percent, while the Bahrain index posted a gain of 0.8 percent and Oman remained stable throughout the day.