DUBAI: Dubai stocks ended higher on Tuesday, reaching their highest in nearly four years as a slew of upbeat corporate earnings boosted the index.
Dubai’s main share index gained 1%, buoyed by a 14.8% surge in Dubai Financial Market - gaining for a 10th session in 12.
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.
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 Saturday.
Emaar Properties climbed 1.6%, a day after the developer’s founder said plans to sell 50% of Namshi app to foreign and local investors.
On Sunday, Emaar reported quarterly net profit of 1.02 billion dirhams, up from 359 million dirhams year ago.
Among other gainers, Deyaar Development jumped 15% and Amlak Finance soared 14.8%.
In Abu Dhabi, the index gained 1%, to an-all-time high of 8,352 points, with the country’s largest lender First Abu Dhabi Bank rising 2.4%.
Sanad, the global aerospace engineering and leasing solutions company wholly-owned by Mubadala, has secured a new US$100 million evergreen revolving credit facility with First Abu Dhabi Bank.
Saudi Arabia’s benchmark index eased 0.1%, hit by a 3.3% fall in National Industrialization Company and a 0.1% decrease in Al Rajhi Bank.
The Saudi stock market was in negative territory as it failed to surpass its latest peak. Investors moved securing their gains while the stagnating oil prices remove important support, said Farah Mourad, senior market analyst of XTB MENA.
“However, the market could see limited price corrections thanks to strong fundamentals.”
Egypt’s blue-chip index declined 0.7%, extending losses from the previous session.
Investors move to secure their gains while oil stagnates, and inflation worries return, said Mourad.
SAUDI ARABIA eased 0.1% to 11,827
ABU DHABI climbed 1% to 8,352
DUBAI gained 1% to 3,287
QATAR added 0.1% to 11,994
EGYPT lost 0.7% to 11,413
BAHRAIN was up 0.3% to 1,787
OMAN up 0.1% to 4,033
KUWAIT added 0.6% to 7,864.