Gulf equity markets recorded gains across the board yesterday, with the Abu Dhabi index advancing for the sixth consecutive session.
Markets higher across Gulf
DUBAI // Gulf equity markets recorded gains across the board yesterday, with the Abu Dhabi index advancing for the sixth consecutive session. Gains in banking and property stocks boosted the Abu Dhabi Securities Exchange General Index 1.2 per cent to 2,723.96, the biggest one-day increase since January 12. First Gulf Bank and Abu Dhabi Islamic Bank both rose 4.7 per cent, while Aldar Properties and Sorouh Real Estate both advanced 1.7 per cent. Arkan Building Materials gained 3.7 per cent.
"Investors are bullish on Abu Dhabi stocks as earnings reports have avoided major shocks so far," said Ayman el Saheb, the head of operations at Darahem Financial Brokerage in Dubai. "Also, the cash dividends announced by the major firms in Abu Dhabi are comparatively better than their counterparts in Dubai." The Dubai Financial Market General Index climbed 0.7 per cent to 1,659.55. Emirates NBD rose for the second day in a row, closing up 3.6 per cent. Ajman Bank advanced 3.7 per cent, while Shuaa Capital gained 3 per cent.
Mr el Saheb noted that some investors could book profits before upcoming dividend-recording dates, which could lead to a mini-correction in the next few sessions. The rest of the Gulf equity markets also ended trade on a bright note. The Qatar market led the gainers, closing up 1.5 per cent, while Bahrain's main measure added 0.8 per cent. Kuwait and Muscat closed up 0.2 per cent and 0.3 per cent respectively, while the Saudi Tadawul All Share Index climbed 0.4 per cent.