Dubai-Saudi leads Gulf market after holiday break
Dubai Equity Markets

Dubai stocks rose after holiday break with strong gains in the property market

Gulf markets resume trade early Sunday after holidays, with investors taking signal from gains in global markets on Friday.

Major world stock indexes increased and U.S. Treasury experienced a slowdown last Friday after a decrease in job growth fueled hopes of a U.S. interest rate cut, while there were hints of progress in Washington’s trade battles.

The Saudi index jumped 0.6% as investors piled into key blue-chip stocks. Al Rajhi Bank was up 1%, Saudi Telecom rose 1.4% and Saudi Basic Industries gained 0.9%.

Dubai index rose 0.3%, backed by strong gains in property stocks. DAMAC Properties was up 0.6% and Union Properties rose 3.7%. Market heavyweight Emaar Properties also climbed 0.5%.

“Sentiment is up across the board on global markets amid expectations of a U.S. rate cut,” said a trader in Dubai.

Abu Dhabi index jumped 0.2%, gained by a 1.8% rise in Abu Dhabi Islamic Bank and a 0.5% help in Emirates Telecommunications Group or Etisalat.

Qatar’s index. QSI was flat on profit-taking after strong gains prior to the Eid holidays. The index closed 1.5% higher on June 3, a day before the Qatari market closed for holidays.

SOURCE

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