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Photographer: Simon Dawson / Bloomberg
Photographer: Simon Dawson / Bloomberg
The Dubai stock index led gains in the Gulf on Sunday as traders focus on the long-term outlook for oil, ignoring the first week of Brent decline in two months.
The general DFM index rose 0.9% after the city announced this weekend a plan for the next two decades. The gauges in Saudi Arabia, Abu Dhabi, Oman and Kuwait also rose while those in Qatar slipped.
Gulf stock markets followed higher for an index that tracks emerging market peers last week, supporting gains even as crude, the region’s biggest export, posted its first weekly decline since Jan.15. in the Gulf, particularly in Saudi Arabia, where the main index has been trading at the highest level since mid-2015.
“We are still bullish on oil, we see it hitting the $ 72 / bbl level for Brent in two months,” said Ali Malik, investment advisor at Bank of Singapore. “It will be limited at some point, but we are still a long way from it.”
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MIDDLE EAST MARKETS:
- Emaar Properties rose 1.7%, contributing the most to the increase in the Dubai benchmark, after Dubai unveiled a urban plan for the next two decades focused on increasing the riparian area
- The plan “should give DFM’s real estate companies a boost as they will have a key role in implementation,” said Vijay Valecha, chief investment officer at Century Financial Consultancy.
- Shuaa Capital, listed in Dubai plans to announce Abu Dhabi tech sector deal this week, CEO Jassim Alseddiqi said
- Tadawul All Share index reaches its highest level since June 2015
- Saudi Arabia administered more than 130,000 vaccinations on Thursday, the highest daily rate since the start of the vaccination campaign
- NPLs to Saudi lenders could grow at a slower rate than their peers in the UAE, as the kingdom’s postponement program ends in June, writes Edmond Christou, analyst at Bloomberg Intelligence. in a note
- MORE: Turkey reconnects with Egypt as it seeks to restart with the Arab world
– With the help of Manus Cranny
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