Abu Dhabi and Dubai stocks hit a pause in early trades on Monday after scaling highs in recent days, with investors awaiting a flood of earning announcements before markets close for Eid. And retail investors will be tempted to sell some of their positions to finance their Eid celebrations.
Abu Dhabi Securities Exchange dropped 0.3 per cent to 6,202 points, heading towards its second decline out of the last seven sessions, with the number of stocks sliding and climbing nearly equal in numbers. But the weakness in more heavyweight shares tipped the index balance down.
Merger plan
Arkan Building and Materials soared 14.5 per cent posting another stellar performance, having surged 15 per cent on Sunday after Senaat revealed a plan to merge Arkan with Emirates Steel. The potential deal helped reverse the stock s fortunes sending it to around 20 per cent up for the year. It marked a rebound from a plunge of the same magnitude as it came under selling pressure from a lackluster fu
Dubai stocks advanced for a fourth straight session riding on an earnings-driven rally while Abu Dhabi stocks headed marginally lower before the Eid holidays. Saudi Arabian shares moved up, ending three days of trading in red.
Dubai Financial Market clawed back intra-day losses as banking and real estate shares rebounded to help the index close higher by 0.4 per cent to 2,696 points. Monday s advance marked the gauge s sixth rise in the last seven sessions after upbeat first-quarter results set off the series of gains.
The biggest single boost came in from Emirates NBD, gaining above 1 per cent, while Union Properties and Gulf Navigation moved up ahead of earning announcements.
Dubai: Abu Dhabi stocks expanded last week s gains and picked up on the back of blue-chip banking stocks, while advances in Dubai stocks were once again led by the property shares ahead of their earnings announcements.
Abu Dhabi Securities Exchange traded 0.7 per cent higher at 6,196 points to extend gains from the last week, marking its fifth advance in the previous six session. The bull run came riding on strong first-quarter results from the corporate world and followed two earlier weeks of subdued performance when fears of resurging pandemic took hold, driving investors towards cashing in their positions.
Flying high on merger plan