Gulf markets headed up with Abu Dhabi leading from the front, again taking their upbeat sentiments from global markets and encouraging economic news from the US.
Saudi Arabia s benchmark index closed Tuesday 0.2 per cent higher at 9,989 points. Advanced Petrochemical jumped 4.2 per cent after its first-quarter profits soared by more than 64 per cent to SR171 million, while there was an 18 per cent rise in sales to SR632 million. The firm attributed the higher top- and bottom-line to a 36 per cent increase in polypropylene sales prices coupled with a surge in share of profit from an investment in South Korean venture SK Advanced.
Abu Dhabi market closes another day in black, and it s got International Holding to thank
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Abu Dhabi and Dubai stocks kept their winning streak for a fifth session as banking bluechips outperformed and investors taking their cues from expected central bank decisions later this week.
Abu Dhabi Securities Exchange closed 0.7 per cent higher to 5,749 points, with Bank of Sharjah, First Abu Dhabi Bank and Abu Dhabi Islamic Bank gaining. Investors bet that lenders will get a shot in the arm from any hike in interest rates in the US and other countries. The higher rates will contribute to banks topline as they would be able to charge proportionately more on their debt facilities.
Flying high