GCC Stock Markets Bounce Back, UAE Leads Indices

Published April 7th, 2020 - 12:00 GMT
GCC Stock Markets Bounce Back, UAE Leads Indices
Boursa Kuwait was up 0.22 percent while Bahrain Bourse was nearly unchanged in the morning trade. (Shutterstock)
Highlights
Abu Dhabi Commercial Bank (ADCB), which has a $981 million exposure to NMC Health, bucked the trend and slid 5 percent.

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 percent 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 percent 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 percent, Abu Dhabi Commercial Bank gained 3.1 percent, RAK Properties rose 2.1 percent and Aldar was up 0.7 percent.

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

Saudi Arabia's benchmark index gained 1.6 percent, with Al Rajhi Bank rising 1.3 percent and oil giant Saudi Aramco increasing 1.4 percent. 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 percent, with all the stocks on the index ending higher including Qatar International Islamic Bank, which jumped 5.3 percent.

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


Copyright © 2021 Khaleej Times. All Rights Reserved.

You may also like