Major Gulf bourses eke out gains as Abu Dhabi hits record closing high

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Major Gulf bourses eke out gains as Abu Dhabi hits record closing high

On Sunday, a majority of Gulf bourses had wrapped up the session in the blacks with Abu Dhabi’s benchmark index hitting an all-time closing high, as Mideast traders had returned from the Eid holidays. In point of fact, despite growing optimism of a solid economic recovery following an acceleration in vaccination campaign, major Gulf bourses had closed out mostly dithered before going into Eid holidays, as Gulf traders conventionally stay cautious before going into a long break, since any kind of major developments in global markets would impact their positions during the breaks.

Nevertheless, Sunday’s large gains in major Mideast bourses had largely echoed a global-scale optimism in equity markets witnessed on Friday that had lifted a swathe of European and US stock indices to record closing highs.

Major Mideast bourses gain as Abu Dhabi spikes to record

Citing statistics, on Sunday’s Gulf market closure, Saudi’s benchmark index added 0.8 per cent following a robust opening of the day with Al Rajhi Bank alongside Saudi Arabian Mining Company climbing 1.1 per cent and 5.0 per cent respectively.

Dubai’s main index surged 1.1 per cent, boosted up by a 3.1 per cent rise in Emirates NBD Bank, while Abu Dhabi’s main index gained 0.8 per cent, spiking to a record closing high following a 0.7 per cent rise in telecom firm Etisalat.

Shares’ prices of Abu Dhabi Islamic Bank, in tandem, had rounded off the day 2.1 per cent higher. Outside the Gulf, Egypt’s blue-chip index closed out the session 0.9 per cent higher with the country’s leading lender Commercial International Bank jumping 0.8 per cent.

Elsewhere in the Gulf, Qatari bourse winded up the session 0.8 per cent higher with Qatar National Bank, the country’s largest lender, alongside Qatar Islamic Bank gaining 1.1 per cent each.