Dubai: Abu Dhabi and Dubai stocks eked out hefty gains on the first day of the new week, extending their recent rally triggered by a host of upbeat first-quarter results. The markets are expected to sustain the run of gains as companies have last few days left for earnings announcements.
Abu Dhabi Securities Exchange shot up 1.1 per cent at 6,218 points in what was its fifth advance in the last six sessions and its biggest single-day leap since the middle of last month. International Holding surged 3.6 per cent adding to its advances after the firm reported unprecedented top- and bottom-line numbers. Financial sector also did not lag with First Abu Dhabi Bank racing up 1.1 per cent and Abu Dhabi Islamic Bank and Abu Dhabi Commercial Bank joining in the rally.
Abu Dhabi stocks closed out the week with a host of robust corporate earnings topping market expectations and stoking investor confidence. Saudi stocks, on the other hand, ended lower with earnings weighing them down.
Abu Dhabi Securities Exchange ended the day higher by 0.6 per cent to 6,152 points, and is up 1.7 per cent for the week, with signs that more listed companies are plotting their way out of last year s subdued activity. The weekly gains mark a reversal from two consecutive weeks of declines, when fears about uncertain market conditions gripped investors and forced them to book profits. At the time, the index was trading around 22 per cent higher for the year.
TAQA grabs investors attention after posting robust first-quarter numbers Abu Dhabi and Dubai stocks traded upward for a fourth straight day in early trades extending the rally. Image Credit: AFP
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Dubai: Abu Dhabi and Dubai stocks traded upward for a fourth straight day in early trades extending the rally triggered by the expectations-beating corporate results for the first quarter.
Abu Dhabi Securities Exchange ticked up 0.1 per cent marking its fourth straight gain that has placed the index on rebounding path after ending two back-to-back weeks with negative growth. The gauge s rise every day this week has been led by robust first-quarter results.
Dubai: Saudi Arabian stocks extended their lacklustre performance in recent sessions weighed down by a number of subpar first-quarter earnings, while Dubai shares ended the day higher mainly as blue-chip property stocks continued to cheer the markets.
Saudi Arabia s benchmark index dropped 0.7 per to 10,252 points slipping for a fourth day in the last five sessions as the index underwent pressure from mixed corporate earnings and as a raging pandemic in parts of the world continued to cloud oil demand outlook in the short term.
Results paint stocks with red
Banking stocks led the losses with Arab National Bank shedding more than 1 per cent after the first-quarter profits shrank by around 10 per cent to SR582 million as the lender reported decreased net special commission income and increased allowances for expected credit losses. Assir Trading, Southern Province Cement and City Cement all underperformed after reporting subdued first-quarter results.