Gulf bourses end mixed as Abu Dhabi leaps on FAB boost, Dubai retreats

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Gulf bourses end mixed as Abu Dhabi leaps on FAB boost, Dubai retreats

On Sunday, in a thin-volume trading session in the Middle east with most traders staying off their desks due to Eid holidays, major Gulf stock indices wrapped up the day in an ambivalent complexion, as Abu Dhabi’s main index soared following large gains in UAE’s top lender, the First Abu Dhabi Bank, while Dubai retreated amid a persistent weakness in Emaar Properties.

In point of fact, First Abu Dhabi Bank, the leading lender in the UAE, torrented as much as 10 per cent over expectations that an upcoming review of MSCI might heighten up the lender’s weightage in the MSCI’s gauge of emerging market index, ramping up prospects of an upsurge in foreign capital inflows in a near term for the borrower.

Abu Dhabi jumps, Dubai retreats in thin-volume Mideast trading

Aside from that, in the day’s Gulf market closure, Abu Dhabi’s main index climbed as much as 3.5 per cent, remarking the strongest intra-session performance since mid-January, with First Abu Dhabi Bank rocketing as much as 10 per cent as beforementioned.

Dubai’s main index, in tandem, tottered 1.2 per cent, snapping out a four-session-long winning streak, as Emirates NBD shed 2 per cent and real estate giant Emaar Properties plunged more than 2.5 per cent. The Kingdom of Saudi Arabia’s stock exchange had been closed due to Eid ul Fitr holidays.

Outside the Gulf, Egypt’s bourse was also shuttered down due to the religious festival. Elsewhere in the Mideast, Omani bourse wrapped up the day 0.2 per cent higher with the shares’ prices of Bank Muscat gaining as much as 0.5 per cent.

Nonetheless, other Mideast markets remained closed because of Eid holidays.