Most Gulf markets end higher with Dubai leading gains

Dubai’s main share index advanced 1.4 percent, with Emirates NBD jumping 4.4 percent. (Shutterstock)

DUBAI: Most stock markets in the Gulf ended higher on Wednesday, with Dubai leading gains boosted by its top lender Emirates NBD, while Saudi bucked the trend to
close lower.
Dubai’s main share index advanced 1.4 percent, with Emirates NBD jumping 4.4 percent and Shariah-compliant lender Dubai Islamic Bank up 0.8 percent.
Emirates NBD recorded a more 20 percent increase in the number and value of fund transfers via its DirectRemit platform in 2020 compared to the previous year.
Property stocks also drove gains, with blue chip developer Emaar Properties ending 1 percent higher.
In Abu Dhabi, the index added 0.3 percent, with Aldar Properties surging 8.1 percent in its biggest intraday gain since October.
On Wednesday, the Abu Dhabi Executive Council approved a framework between the Abu Dhabi Government and Aldar Properties for development of capital projects in the emirate.
The index’s gains, however, were limited by losses at telecoms firm Etisalat, which closed 3.2
percent lower.
Qatar’s main index gained 0.3 percent, led by a 3.3 percent jump in market heavyweight Industries Qatar.
Elsewhere, Saudi Arabia’s benchmark index fell 0.3 percent, hit by a 1.4 percent fall in Saudi Telecom Co. and a 0.3 percent drop in Al-Rajhi Bank.
Outside the Gulf, Egypt’s blue-chip index tacked on 0.9 percent, with most of the stocks on the index in positive territory, including Commercial International Bank, which advanced 1.1 percent.