Major Gulf bourses eke out gains as Dubai outperforms, Abu Dhabi closes at record

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Major Gulf bourses eke out gains as Dubai outperforms, Abu Dhabi closes at record

On Sunday, a basket of Gulf bourses had rounded off the session in an upbeat tenure with Dubai’s main index outperforming regional peers, largely driven by a policy shift aimed at expanding the bourse’s economic activities, while Abu Dhabi’s benchmark index had closed out the session at a record peak.

In point of fact, latest leg of meteoric rally in Dubai’s benchmark index came against the backdrop of an Emirati plan to roll out a $545 million market-maker fund alongside IPOs (Initial Public Offerings) of 10 state-backed companies, which eventually had catapulted Dubai Financial Market as much as 80 per cent higher.

Nonetheless, Dubai’s Union Properties plunged 9.7 per cent after the company’s Chair, Khalifa Hassan al-Hammadi had been arrested over allegations of potential financial misconduct.

Most Gulf bourses end higher; Dubai outperforms

Citing statistics, in the day’s Mideast market closing bell, Saudi’s benchmark index added 0.1 per cent, marking off a second straight session of gain with Sahara International Petrochemical jumping 2.4 per cent.

Dubai’s main index rose 0.9 per cent, spiking to its highest level since March 2018, as Dubai Financial Market gained 14.9 per cent, while Abu Dhabi’s benchmark index edged 0.1 per cent higher, extending its record-setting rally, as Emirates Telecommunications rose 1.3 per cent.

Outside the Gulf, Egypt’s blue-chip index gobbled up 0.8 per cent with Commercial International Bank gaining 1.1 per cent. Elsewhere in the Gulf, Qatari index shed 0.6 per cent, as a majority of its blue-chips stocks including Petrochemical maker Industries Qatar had botched to wind up the session in a green territory.