Blue-chips lead UAE stock gains

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The Dubai Financial Market. Dubai and Abu Dhabi stocks opened the week on a higher note led all the way by their blue-chips, while other Gulf markets demonstrated a subdued activity.
Image Credit: Antonin Kélian Kallouche/Gulf News

Dubai: Dubai and Abu Dhabi stocks opened the week on a higher note led all the way by their blue-chips, while other Gulf markets demonstrated a subdued activity in the absence of major triggers for a bull or bearish mood.

Abu Dhabi Securities Exchange traded 0.2 per cent higher to 5,651 points getting its biggest boost from banking stocks with Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank and First Abu Dhabi Bank all pointing higher. The telco Etisalat also joined the rally with a 0.5 per cent rise to Dh19.84.

Agthia Group eked out 1.7 per cent to Dh5.9 further expanding its gains from the last session when it scaled to more than a three-and-a-half year peak after F&B firm stepped closer to acquiring 80 per cent in Jordan Nabil Foods. Its board has invited shareholders to approve the deal after securing regulatory go-ahead for the transaction.

Property bounces

Dubai Financial Market moved higher by 0.4 per cent bouncing back from three days of consecutive drops caused by a slew of lackluster corporate earnings. Its blue-chip real estate stocks – DAMAC Properties and Emaar Properties – advanced 0.8 per cent staging a comeback from a recent gloomy run set off by their own subdued results and as hopes dampened for a swift recovery in property prices amid virus-induced social and commercial curbs.

Earnings weigh

Bahrain shares were slightly down to trade at 1,480 points coming under pressure from Arab Banking Corporation that dropped 1 per cent after announcing its 2020 profits shrank to $89 million from $194 million a year before. Its total operating income also fell to $646 million compared with $865 million it posted for 2019.

Sideways

Kuwait premier index traded unchanged with financial and industrial stocks pulling it in opposite directions, while Qatar Exchange moved little with Qatar National Bank eding up 0.5 per cent and Qatar Insurance trimming 2.2 per cent. Oman’s 30-company index edged up 0.1 per cent to 3,569 points with most gains coming from banking and material shares.



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