A Saudi trader observes the stock market on monitors of the Falcom stock exchange agency in Riyadh, Saudi Arabia, on February 7, 2018. REUTERS / Faisal Al Nasser
Major Gulf stock markets rose in early trading on Monday and Dubai was on track to stretch gains for a sixth session, despite Qatar bucking the trend towards lower trading.
In Abu Dhabi, the index (.ADI) rose 1.2%, driven by a 2.8% increase in the country’s largest lender, First Abu Dhabi Bank (FAB.AD).
The Saudi Arabia benchmark index (.TASI) gained 0.1%, helped by a 0.3% increase in petrochemical company Saudi Basic Industries (2010.SE).
Among other things, Fawaz AbdulAziz Alhokair (4240.SE) rose by around 6% following franchise agreements with Alo Yoga and Flying Tiger Copenhagen.
However, Etihad Etisalat (7020.SE) fell 0.8% as the telecommunications company traded an ex-dividend.
Dubai’s main stock index (.DFMGI) gained 0.1%, with top lender Emirates NBD (ENBD.DU) up 0.8% while Sharia-compliant lender Dubai Islamic Bank (DISB.DU) fell 0.4%.
Emirates NBD sold additional Tier 1 bonds worth $ 750 million on Thursday after placing more than $ 1.75 billion in orders.
DAMAC Properties (DAMAC.DU) gained 2.1%.
Property prices in Dubai are expected to rise for the first time in six years in 2021. This is backed by a swift introduction of vaccines, which has raised hopes for an economic recovery, a Reuters survey of real estate analysts found.
In Qatar, the index (.QSI) lost 0.7%, with most stocks in negative territory, including Industries Qatar (IQCD.QA) which fell more than 2%.
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