DUBAI: Upbeat US economic data helped most Gulf Arab markets close higher on Wednesday, with Dubai hitting a fresh three-month high.
Dubai’s index rose for a second straight session by 2.7 percent to 2,084 points.
The Dubai index rose 2.7 percent to 2,084 points and Abu Dhabi index gained 1.7 percent higher to 3,052 points.
Bellwether stock Emaar Properties was again among the strongest gainers in Dubai, advancing 3.5 percent. Drake & Scull rose 5.4 percent, one day after saying it bought back 8 million shares. Most banking stocks in the region also gained, as investors take advantage of cheap valuations in the sector.
Abu Dhabi Commercial Bank and Union National Bank advanced 9.8 percent and 7.5 percent respectively.
In Saudi Arabia, banks also helped lift the main index higher. Heavyweights Samba and Riyad Bank rose 5.2 percent and 4.3 percent respectively.
The Tadawul All-Share Index (TASI) ended 1.55 percent higher at 5,947.77 points. For the final trading day before the week long Eid Al-Fitr holiday, the market saw a notable strength, with only 3 declining sectors, namely the Media & Publishing, Insurance and Retail sectors, which were down 0.08 percent, 0.13 percent and 0.14 percent respectively. On the other hand, the sector gains ranged from 0.03 percent for the Energy & Utilities sector to 2.35 percent for the Banks & Financial sector. Overall market breatdh was positive, with 96 advancers and 27 decliners, giving an AD ratio of 3.56, the Jeddah-based Financial Transaction House (FTH) said in its daily market commentary.
Stock markets in Qatar, Bahrain and Kuwait advanced to a higher close, tracking strength in global equities.
Muscat’s bourse was the only bourse that closed unchanged. Early gains were erased as investors took profits and some blue chip stocks underwent a correction. Egypt’s main index also advanced higher for a second straight session, boosted by solid growth in Orascom Construction and Egypt Kuwait Holdings shares.
Qatar’s main index climbed 0.9 percent to 7,108 points and Kuwait’s index rose 0.6 percent to 7,738 points.
Muscat’s index was unchanged at 6,602 points and Bahrain’s index rose 0.5 percent to 1,530 points.
— With input from agencies