Dubai index surges nearly 2%, Tadawul leads gains

Dubai index surges nearly 2%, Tadawul leads gains
Dubai index surges nearly 2%, Tadawul leads gains


Dubai index surged nearly 2 per cent on Thursday, helped by Dubai Islamic Bank shares, while the Abu Dhabi index jumped more than 1 per cent, buoyed by buying in banking stocks.

The Dubai Financial Market General Index closed 1.89 per cent higher at 2,964.13.

Dubai Islamic Bank closed 5.85 per cent higher to Dh5.07. Emaar Properties closed 2.16 per cent higher to Dh5.20. Emaar Development closed nearly 1 per cent lower to Dh5.30. Orascom Constructions closed 0.75 per cent higher to Dh8.68.

“Dubai Islamic Bank rights issue trading completed its last session on Wednesday, closing 1 Fils higher than the stock price despite maintaining a lower price than the stock [compared to the full subscription price] throughout the entire period,” Menacorp said in a morning note.

In other stocks, Dubai Investments closed 3 per cent to Dh2.06. Dubai Entertainments closed 2.5 per cent lower to Dh0.419.

The Abu Dhabi Securities Exchange general index closed 1.05 per cent higher to 4,605.04, after hitting a high of 4,619.24, the level last seen in early May.

“In Abu Dhabi, a slight reversal in the banking sector, which could some what be correlated to fluctuating oil prices, took place but expectations remain strongly positive regarding the first half performance,” the note added.

Emirates Insurance Company closed 7.69 per cent higher to Dh7. Etisalat closed 2.53 per cent higher to Dh16.2. First Abu Dhabi Bank closed 1.23 per cent higher to Dh12.3. Abu Dhabi Commercial Bank closed less than half a per cent higher to Dh7.03. Elsewhere in the Gulf, Saudi Arabia’s Tadawul index closed more than 2 per cent higher to 8,175.16.

Saudi Basic Industries Corp closed 4.32 per cent higher to 130.40 Saudi riyals.

Saudi International Petro closed 2.71 per cent higher to 21.20 riyals.

“The stock may potentially move to higher resistance levels at 22.50/23.50 riyals in the short term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said in a note.

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