Saudi leads gulf stock gains after Eid holidays

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Saudi leads gulf stock gains after Eid holidays

On Sunday, the 9th of June 2019, a majority of gulf stock exchanges had added gains after coming back from an Eid holiday, while Saudi and Dubai had mostly led the charges buoyed by a positive sentiment on global markets and a heightened hope of foreign inflows into Riyadh market ahead of its listing in to the MSCI’s index of global shares that keeps track of 47 countries' stock exchanges.

Adding that the gulf markets had been back on track after witnessing some corrections over the recent weeks, an analyst of Faisal Boutric of Riyadh Financial, Mohammed said, “The market is recovering after a correction in the past few weeks.

It draws the trend from global markets that have risen during the Eid holiday”. Saudi’s main index added more than 2.2 percent on Sunday’s (June 10th) market round off to 8,699 points, its highest daily closure in more than month, while Dubai index rose by 1.2 percent, boosted by robust gains of real estate stocks, as Damac Properties had surged by 9.3 percent, Union Properties gained 4.3 percent and Emaar Properties had added 0.7 percent.

Kuwaiti benchmarks had risen over 1.5 percent, led by the gains of the financials, while Burgan bank added 2.5 percent by the Sunday’s (June 9th) market wind down. Elsewhere in Gulf, on Sunday (June 9th) market closure, Egypt added 0.8 percent, while Abu Dhabi alongside Qatari bourses fell by 0.9 and 0.2 percent respectively on profit-taking after heavy gains ahead of Eid holidays last week.