Dubai outperforms most Gulf bourses, Abu Dhabi at peak

DUBAI: Most major stock markets in the Gulf ended higher on Sunday, with the Dubai index outperforming the region as Dubai Financial Market resumed gains driven by a bourse expansion plan.

Dubai’s main share index finished 0.9% higher, hitting its highest since March 2018, buoyed by a 14.9% surge on the Dubai Financial Market. Earlier this month, the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings of 10 state-backed companies as part of plans to boost activity on the local bourse.

Since the announcement DFM has risen more than 80%. Dubai plans to list its “Salik” road toll system on the Dubai Financial Market, the emirate’s deputy ruler, Sheikh Maktoum Bin Mohammed, said on Twitter on Saturday.

However, Union Properties tumbled 9.7%. On Tuesday, the company said its chairman, Khalifa Hassan al-Hammadi, had been dismissed from the board following the disclosure that the public prosecution office in the United Arab Emirates had ordered his arrest.

The UAE attorney general announced the investigation in October into allegations of financial violations by the chairman and other officials of Union Properties, state news agency WAM had reported.

Saudi Arabia’s benchmark index edged 0.1% higher, extending gains for a second session, with Sahara International Petrochemical Co rising 2.4%. Nevertheless, Saudi mall operator Arabian Centres plunged 10%. On Thursday, Arabian Centres said its title deed on a piece of land in Riyadh has been cancelled by a court.

In Abu Dhabi, the index rose 0.1% to an-all-time high of 8,296.190 points, helped by a 1.3% gain in Emirates Telecommuni-cations. The Qatari index dropped 0.6%, as most of the stocks on the index were in negative territory including petrochemical maker Industries Qatar.

Outside the Gulf, Egypt’s blue-chip index concluded 0.8%, with Commercial International Bank gaining 1.1%, after the lender reported a rise in third-quarter profit. Egypt has scrapped import duties for steel billets, rebar and aluminium products on the back of high global inflation and energy prices, the trade ministry said on Sunday.

SAUDI ARABIA rose 0.1% to 11,913

ABU DHABI gained 0.1% to 8,296

DUBAI added 0.9% to 3,170

QATAR lost 0.6% to 11,965

EGYPT rose 0.8% to 11,663

BAHRAIN eased 0.3% to 1,784

OMAN down 0.3% to 4,001

KUWAIT lost 0.8% to 7,864.