Abu Dhabi market leads Gulf stock exchanges to rise .. Strong start

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Most of the major Gulf stock markets rose in early trade on Sunday, led by the Abu Dhabi Stock Exchange.

The Abu Dhabi market index increased 0.7%, as First Abu Dhabi Bank, the largest UAE bank, rose 0.7%, while Global Holding Company advanced more than 1%, heading to continue its gains for the fourth consecutive session.

Global Holding achieved a profit of 1.5 billion dirhams ($ 408.4 million) in the first quarter of the year, compared to 112.2 million dirhams a year earlier.

The company’s board of directors approved the purchase of stakes in four companies through its subsidiary units.

Etisalat rose 0.5%.

In Dubai, the main index advanced 0.7%, supported by shares of real estate companies, and the share of Emaar Properties, the largest developer in Dubai, rose 1.8%, while the share of the shopping centers unit Emaar Malls rose 2.6%.

The head of the Dubai Tourism Department said last week that he expected business and tourism trips to return this year, although the pandemic prevents accurate numbers from being predicted.

The Saudi leading index rose 0.3%, as Jabal Omar Development, one of the largest listed real estate companies in the Kingdom, rose 3% after declines.

The real estate developer’s share had fallen in the previous session, following a report that the Kingdom was considering not allowing pilgrims coming from abroad for the second year in a row, in light of the high global COVID-19 infections and growing concerns about the emergence of new strains.

In Qatar, the main index fell 0.1%, affected by the decline in the share of petrochemical producer Industries Qatar 0.8%.





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