Most Gulf bourses close higher as DAMAC lifts Dubai

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Most Gulf bourses close higher as DAMAC lifts Dubai

On Sunday, a gauge of Gulf bourses had rounded off the day sharply higher with Egypt leading the region with a gain of 1.1 per cent, as investors’ focus appeared to have shifted towards the corporate earnings’ reports of Q2, 2020 beginning this week, while Dubai’s main index had surged over the sails of real estate majors.

Apart from that, an increase of 2 per cent in crude oil futures’ prices on Friday followed by an improved demand outlook forecasted by the Paris-based International Energy Agency (IEA), had also heightened up the market participants’ morale to bet bigger on riskier assets.

Gulf bourses end higher ahead of Q2, 2020 earnings’ season

On top of that, a majority of Gulf bourses had also added further bullish wing following release of an encouraging late-stage clinical trial data of the US-based pharmaceutical Gilead Science Inc.’s pandemic drug Remdesivir, allaying some of the concerns related to the grievous fiscal fallouts of the global-scale pandemic outbreak.

Besides, Dubai’s main index gained 0.2 per cent following a giant leapfrog of Damac shares, which ended down the day 11.6 per cent higher as Mapel Invest was quoted saying in a statement later last week that it was exploring an option to purchase a minority stake in the real estate major for the benefit of Damac founder and Chair Hussein Sajwani alongside his business empire.

However, Emaar Properties fell by 1.1 per cent after the New York City-based global rating agency S&P had downgraded the company’s credit rating to a high-risk territory of “BBB-“ from an earlier “BBB”, adding that the real estate mogul’s operating profit would likely to plunge between 30% to 40% this year.

Citing statistics, Saudi’s main index gained 0.2 per cent with the Saudi’s state-backed oil giant Aramco shares rising 0.5 per cent, while Abu Dhabi’s main index rose by 0.4 per cent, mostly supported by a 0.7 per cent gain of the country’s largest lender, the First Abu Dhabi Bank.

Elsewhere in the Mideast, Qatari index added 0.2 per cent following a 3.1 per cent jump of Qatar Gas Transport, while Kuwaiti bourse had wrapped up the day 0.6 per cent higher. Outside the Gulf, Egypt’s blue-chip index surged 1.1 per cent with 27 out of its 30 listed stocks reporting robust gains.