Most of the Gulf stock markets rallied on Tuesday, while Dubai’s index closed lower due to stock trading after the end of dividends. The main index of Saudi stocks rose 0.2 percent, supported by gains of 0.6 percent for Al-Rajhi Bank and 2.2 percent for Riyad Bank. But Yamama Cement fell 4% after the company announced a drop in its quarterly profits.According to “Reuters”, the Dubai index fell 0.3 percent, as Emaar Properties and Dubai Investments fell 1.8 percent and 4.9 percent, respectively, after their shares were traded with the expiration of the right to distribute the profits of the two companies. The losses in the index were limited by the rise in Emirates NBD’s shares by 0.8% after announcing a rise in first-quarter net profits, attributing this to the improvement in economic conditions. The bank said that the expansion in Turkey, where it bought Denizbank in 2019, contributed to diversifying profits, and this unit generated 28 percent of the group’s net profit. The Abu Dhabi index closed 0.9 percent higher on the back of a 3.8 percent jump in shares of the International Aquaculture Holding Company.
Recently, the company was the main driving force in the index as it witnessed a rapid expansion in its main business sectors, which boosted profits, indicating long-term growth. Shares in First Abu Dhabi Bank, the country’s largest bank, rose 0.7 percent before a board meeting to approve its first-quarter earnings. The Central Bank of the United Arab Emirates said today, Tuesday, that it has extended until mid-2022 some of the stimulus measures it introduced last year to curb the impact of the coronavirus crisis on the economy.
The Qatari index fell 0.1%, with Qatar Islamic Bank dropping 0.8%. Outside the Gulf region, the leading stocks index on the Egyptian Stock Exchange closed 1.7 percent higher, extending its gains for the fourth consecutive session, with 27 out of 30 stocks climbing in the index. Stock market data showed that foreign investors were net buyers.
Saudi Arabia The index rose 0.2 percent to 10,117 points Abu Dhabi The index increased 0.9 percent to 6,155 points Dubai The index fell 0.3 percent to 2,624 points Qatar The index fell 0.1 percent to 10914 points Egypt The index rose 1.7 percent to 10,620 points Bahrain The index gained 0.1 percent to 1,482 points Sultanate of Oman The index rose 0.8 percent to 3,697 points. Kuwait The index rose 0.8 percent to 6,595 points.