Major Gulf bourses end mixed as Dubai outperforms on real estate gain

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Major Gulf bourses end mixed as Dubai outperforms on real estate gain

On Sunday, a basket of major Gulf bourses had wrapped up the session in an ambivalent tenure with Dubai outperforming its regional peers following large gains in real estate stocks as property prices in Dubai were expected to rise for the first time in six years in 2021, while robust Q1, 2021 quarterly earnings’ report from Commercial International Bank had led an uprising in Egypt’s blue-chip stocks.

In point of fact, major Gulf bourses had opened up the day mostly mixed with Dubai outpacing regional rivals following analysts’ remarks that illustrated a likely upsurge in property prices in the region after quick vaccination rollout that spurred up hopes of an economic rebound, as main indices in Qatar and Saudi kept searching for directions with the latter wrapping up the session almost flatlined.

Gulf stocks end mixed; Saudi closes flatlined as Dubai jumps

Citing statistics, in the day’s Gulf market closure, Dubai’s main index rose 1.3 per cent, shelving gains for a fifth straight session in a row, with Emaar Properties and DAMAC Properties gaining as much as 2.7 per cent and 3.7 per cent respectively, while Abu Dhabi’s main index added 0.4 per cent, mostly boosted up a 0.6 per cent gain in the shares’ prices of the country’s largest lender, the First Abu Dhabi Bank.

Saudi’s main index closed out the day almost flatlined as the gains in petrochemicals and property stocks were largely eclipsed by financials’ declines. Outside the Gulf, Egypt’s blue-chip index climbed 0.7 per cent with the country’s largest lender, Commercial International Bank, rising 2.8 per cent following release of a robust quarterly earnings’ report for fiscal Q1, 2021, as the Egyptian lender had reported a 20 per cent jump in net profits on a year-on-year basis.

Elsewhere in the Gulf, Qatar’s benchmark index shed 0.4 per cent, mostly hurt by a 1.0 per cent and a 1.9 per cent decline in the shares’ prices of Qatar Islamic Bank alongside Qatar International Islamic Bank respectively.