Shares in Middle East Soar, Led by Dubai’s Stocks – May 9

    Property Stocks Indicative of Overall Economic Recovery

    Mideastern markets moved higher on Sunday, with stocks in Dubai jumping the most amid optimism that earnings published by Emaar Properties PJSC will become indicative of the country’s overall economic recovery. The Dubai Financial Market General Index advanced 1%, while Emaar climbed 2.8% on Sunday, thus celebrating the highest jump in point terms. Qatar’s main index followed suit and gained 0.2%, despite the arrest of its finance minister last week. 

    As analysts look forward to Gulf countries’ economic rebound, they foresee that property developers will be leaders in the recovery process. Emaar, scheduled to release its earnings results next week, announced that its first-quarter property sales more than doubled compared to the same period in 2020. Investors are eyeing Emaar’s results to measure how much real-estate prices affect the Emirates’ economy at large. 

    Gauges in Abu Dhabi, Kuwait, Bahrain, Egypt, and Israel rose on Sunday. Oman’s main index dropped. Markets in Saudi Arabia were little changed. 

    These are the moves traders should watch in markets across the Middle East on Sunday:

    Dubai Financial Market General Index gained the most among the Gulf indices, buoyed by Emaar Properties that rose 2.3%. Dubai Islamic Bank climbed 1.1% and also contributed to the Index’s growth. Dubai Financial Market General Index has been on the rise for the third consecutive session. 

    Abu Dhabi’s ADX General Index soared 0.8%, pushed higher by Arkan Building Materials that skyrocketed 15%. Qatar Exchange Index was also up on Sunday, lifted 0.2% by Qatar Insurance and Commercial bank of Qatar that rose 2.8% and 0.3% respectively. 

    Tadawul All Shares Index in Saudi Arabia remained unchanged after gaining 0.4% earlier. Kuwait’s Premier Market Index added 0.3%, after Kuwaiti shares rose on results.  Agility’s shares also advanced following a $4.1 billion deal with DSV Panalpina. Shares of KEH and Boubyan Bank have been advancing lately, too, strengthened by good earnings in recent quarters. 

    Have a successful trading day!

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