Dubai General Index Brought Up by Real Estate Stocks
Markets in the Middle East were in the green, with Dubai’s benchmark rising higher than its Gulf peers, thanks to the commendatory performance of real estate shares.
The Dubai Financial Market General Index extended its winning streak for the fifth day and jumped 1.3% on Sunday. It is now having the longest winning trend since March. Real estate shares gained 2.4% on Sunday, hitting the highest level since November 2019. The reason for their spectacular advance is a rally in residential property price, which, analysts predict, will continue for years.
Gauges in Abu Dhabi, Kuwait, and Israel advanced. Markets in Saudi Arabia, Bahrain, and Qatar did not significantly change on Sunday. Shares in Oman sank.
These are important moves in the market that traders should watch on Sunday:
- Saudi Arabia’s Tadawul All Share Index was little changed during the morning session in Riyadh.
- The Dubai Financial Market General Index soared 1%, thereby hitting the highest level since January 21. The index was pushed up by Dubai Islamic Bank that gained 1.7%, Emaar Properties that jumped 1.5%, and Emirates NBD rising 0.4%.
- The ADX General Index in Abu Dhabi surged 0.5%, visiting a fresh high. Its gains were led by First Abu Dhabi Bank that advanced 0.7%, IHC adding 1%, and Aldar that edged 0.8% higher.
- Kuwait’s Premier Market arrested its downward movement lasting for three sessions and increased 1.6%.