UAE leads GCC markets gains on Tuesday morning trade – News

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Abu Dhabi Commercial Bank (ADCB), which has a $981 million exposure to NMC Health, bucked the trend and slid 5 per cent.

Most of the GCC equity markets gained on Tuesday, led by the UAE indices, on the back of positive global market sentiments in the wake of a slowdown in new coronavirus cases.

Dubai Financial Market jumped 3.8 per cent to 1,757 points, led higher by DFM share, Aramex, Dubai Islamic Bank, Emirates NBD, Emaar Properties, Union Properties and Emaar Development.

The Abu Dhabi index also extended gains by 3.7 per cent with 15 out of 18 traded stocks gaining. The UAE capital market rose on the back of gains in banking and property scrips. First Abu Dhabi Bank jumped 3.2 per cent, Abu Dhabi Commercial Bank gained 3.1 per cent, RAK Properties rose 2.1 per cent and Aldar was up 0.7 per cent.

Abu Dhabi Commercial Bank (ADCB), which has a $981 million exposure to NMC Health, bucked the trend and slid 5 per cent.

Saudi Arabia’s benchmark index gained 1.6 per cent, with Al Rajhi Bank rising 1.3 per cent and oil giant Saudi Aramco increasing 1.4 per cent. The kingdom and Russia are close to a deal on oil output cuts to reduce a global glut, a top Russian oil negotiator said on Monday.

Qatar’s index advanced 2.6 per cent, with all the stocks on the index ending higher including Qatar International Islamic Bank, which jumped 5.3 per cent.

Boursa Kuwait was up 0.22 per cent while Bahrain Bourse was nearly unchanged in the morning trade.

waheedabbas@khaleejtimes.com




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