x Abu Dhabi, UAEWednesday 26 July 2017

Dubai leads the field as markets in the region fire up

Government stimulus in some Gulf states offered a boost to regional markets helping most exchanges end in the black

Dubai was the best performing market yesterday as traders found comfort in announced government stimulus measures.

The Dubai Financial Market General Index rose 2.18 per cent to 1,443.28 and the Abu Dhabi Securities Exchange General Index increased 1.27 per cent to 2,605.80 .

Arabtec Holding climbed the most since December after it shelved plans to raise capital through a rights and bond issue.

It rose 7.9 per cent to end at Dh1.36, the biggest intraday gain for three months. The company's net profit fell 38 per cent last year from a year earlier.

In the capital, First Gulf Bank was a top mover as it rose 3.5 per cent to Dh16.15.

Saudi Arabia's Tadawul All-Share Index extended its winning streak.

The region's largest stock market moved 0.6 per cent higher to 6,108.67.

Nabil Farhat, a partner at Al Fajer Securities, said there was an "impatience" to carry out reform in Saudi Arabia, which was positive for the market.

"This means more spending, which will help the economy move on. But political risk is still there," Mr Farhat said.

Other markets in the region also extended gains, as the Kuwaiti measure advanced 1.3 per cent to 6,218.90 and Qatar's QE Index rose almost 2 per cent to 8,171.59. Muscat's measure closed 0.2 per cent higher at 6,303.82.

Bahrain's stock market recovered from a dip at the open, to end 1.16 per cent higher at 1,409.32.

 

fhalime@thenational.ae