AGL 38.51 Increased By ▲ 0.94 (2.5%)
AIRLINK 129.15 Decreased By ▼ -3.35 (-2.53%)
BOP 5.62 Decreased By ▼ -0.02 (-0.35%)
CNERGY 3.85 Increased By ▲ 0.08 (2.12%)
DCL 8.74 Decreased By ▼ -0.13 (-1.47%)
DFML 41.90 Increased By ▲ 0.90 (2.2%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 34.89 Decreased By ▼ -0.19 (-0.54%)
FFBL 66.80 Increased By ▲ 0.30 (0.45%)
FFL 10.54 Increased By ▲ 0.39 (3.84%)
HUBC 108.59 Increased By ▲ 2.19 (2.06%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.77 Decreased By ▼ -0.09 (-1.85%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.68 Decreased By ▼ -0.12 (-0.29%)
NBP 59.65 Increased By ▲ 1.07 (1.83%)
OGDC 183.51 Increased By ▲ 2.26 (1.25%)
PAEL 26.20 Increased By ▲ 0.50 (1.95%)
PIBTL 5.95 Increased By ▲ 0.12 (2.06%)
PPL 148.00 Decreased By ▼ -0.40 (-0.27%)
PRL 23.57 Increased By ▲ 0.35 (1.51%)
PTC 16.53 Increased By ▲ 1.29 (8.46%)
SEARL 68.20 Decreased By ▼ -0.59 (-0.86%)
TELE 7.20 Decreased By ▼ -0.04 (-0.55%)
TOMCL 35.80 Decreased By ▼ -0.20 (-0.56%)
TPLP 7.74 Increased By ▲ 0.34 (4.59%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.48 Decreased By ▼ -0.37 (-0.73%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.23 Increased By ▲ 0.02 (1.65%)
BR100 9,809 Increased By 41.1 (0.42%)
BR30 29,711 Increased By 311.1 (1.06%)
KSE100 92,409 Increased By 471.2 (0.51%)
KSE30 28,857 Increased By 113.6 (0.4%)
Markets

Dubai leads most Gulf markets higher; Saudi eases

  • ENBD sees increased remittances via DirectRemit platform.
  • Aldar Properties posts biggest rise in nearly three months.
  • Abu Dhabi gains for a fourth straight session.
Published January 20, 2021

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%, with Emirates NBD jumping 4.4% and sharia-compliant lender Dubai Islamic Bank up 0.8%.

Emirates NBD recorded a more 20% 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% higher.

In Abu Dhabi, the index added 0.3%, with Aldar Properties surging 8.1% 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 framework includes Aldar taking on the management of 30 billion dirhams ($8.17 billion) worth of major projects.

The index's gains, however, were limited by losses at telecoms firm Etisalat, which closed 3.2% lower.

Etisalat had posted its best day in nearly six years on Tuesday as the company called a board meeting for Wednesday to discuss increasing the foreign ownership limit in the firm.

Qatar's main index gained 0.3%, led by a 3.3% jump in market heavyweight Industries Qatar.

Elsewhere, Saudi Arabia's benchmark index fell 0.3%, hit by a 1.4% fall Saudi Telecom Company and a 0.3% drop in Al Rajhi Bank.

Outside the Gulf, Egypt's blue-chip index tacked on 0.9%, with most of the stocks on the index in positive territory, including Commercial International Bank which advanced 1.1%.

Meanwhile, Egypt and Qatar have agreed to resume diplomatic relations, the Egyptian foreign ministry said on Wednesday.

The move follows an agreement between Saudi Arabia, United Arab Emirates, Bahrain and Egypt earlier this month to end their boycott of Qatar dating from 2017 over allegations it supported terrorism, a charge that Doha denies.

Comments

Comments are closed.