Dubai’s benchmark index was up for a third consecutive session and ended 0.4% higher
Stocks markets in the Gulf ended higher on Monday, after upbeat China manufacturing data raised optimism about demand in the world’s second largest economy. China’s manufacturing activity expanded at the fastest pace in 13 months in March, with business confidence hitting an 11-month high, a private survey showed on Monday.
The upbeat survey followed better-than-expected export and retail sales data, suggesting a bright start to the year for China.
Dubai’s benchmark index was up for a third consecutive session and ended 0.4% higher, lifted by gains in real estate, consumer staples and industry sectors. The blue-chip developer Emaar Properties and its unit Emaar Development climbed 2.5% and 2.4% respectively while Union Properties soared 8.1%.
In Abu Dhabi, the benchmark index gained 0.2%, snapping a five session losing-streak, helped by a 1.4% rise in conglomerate Alpha Dhabi Holding and a 1.5% increase in Abu Dhabi Islamic Bank. Among other gainers, First Abu Dhabi Bank, the UAE’s biggest lender and Abu Dhabi National Energy, the country’s largest utility firm added 1.7% each.
The Qatari benchmark index rose 0.2%, after a fifth straight session of losses, supported by gains in finance, utilities and materials sectors with Qatar Islamic Bank rising 1.5% and Industries Qatar adding 1.3%.
Saudi Arabia’s benchmark index was up 0.2% after two consecutive session of losses with ACWA Power rising 7% and Sahara International gaining 5.1%. However, Al Rajhi Bank, the world’s largest Islamic lender shed 1% and Saudi National Bank, the kingdom’s largest lender slipped 1.2%.
Outside the Gulf, Egypt’s blue-chip index ended fourth straight session of losses and surged 5.3%, the highest intraday rise in nearly one year with almost all stocks posting gains. Commercial International Bank and Talaat Mostafa Group climbed 6.5% and 6% respectively, while E-Finance for Digital surged 11.8%.
- SAUDI ARABIA gained 0.2% to 12,423
- KUWAIT added 0.5% to 8,075
- QATAR was up 0.2% to 9,864
- EGYPT climbed 5.3% to 28,297
- BAHRAIN lost 0.4% to 2,034
- OMAN gained 0.6% to 4,663
- ABU DHABI added 0.2% to 9,245
- DUBAI rose 0.4% to 4,263
Source: Zawya
