Gulf bourses rose for the second consecutive day thanks to strong earnings from Emaar Properties coupled with local reaction to the EU's aid package for Greece.
Greece rescue lifts markets
Gulf bourses rose for the second consecutive day thanks to strong earnings from Emaar Properties coupled with local reaction to the EU's aid package for Greece. The Abu Dhabi Securities Exchange General Index was up 0.6 per cent to 2,744.00, led by the financial services sector. First Gulf Bank rose by 3.7 per cent, and Abu Dhabi Commercial Bank by 3.3 per cent. The Dubai Financial Market General Index rose 2.1 per cent to 1,676.20 after the bellwether Emaar Properties reported a fourth-quarter net profit of Dh720 million (US$195.9m), beating analysts' estimates.
Air Arabia rose by 2.1 per cent to Dh0.96 ahead of the company's earnings report this weekend. News that EU leaders had reached a preliminary deal for an aid package for Greece played a role in the rally in regional markets. "There is no direct impact but weak global markets do have a spillover effect," said Ali Khan, the managing director of Arqaam Capital in Dubai. Qatar's General Index rose by 1.6 per cent to 6,931.50. The Commercial Bank of Qatar rose 2.6 per cent and Qatar National Bank rose 2.3 per cent after the US investment bank Morgan Stanley upgraded its earnings forecasts due to strong public spending.
Kuwait's bourse advanced 0.1 per cent while Bahrain's declined 0.4 per cent. The Saudi Tadawul was closed yesterday. @Email:firstname.lastname@example.org