KHALEEJ TIMES, Thursday, Jan 7, 2021 | Jamadi Al Awwal 23, 1442
Dubai benchmark gained for a third successive session
Emirates:
Activity in the UAE’s non-oil private sector grew in December as its
Purchasing Managers’ Index, which covers manufacturing and services, rose to
51.2 in December from 49.5 in November, a survey showed.
The 50.0-mark separates growth from contraction.
The Dubai benchmark gained for a third successive session, putting on 1.2 per
cent.
The Dubai gains were led by blue-chip developer Emaar Properties and real estate
firm Dubai Investments , which advanced 2.9 per cent and 3.9 per cent,
respectively.
In Abu Dhabi, the benchmark strengthened 0.6 per cent with telecoms major
Etisalat adding 1.3 per cent.
Qatar shares ended 1.4 per cent higher on Tuesday, marking the index’s biggest
gain in nearly a month, after a breakthrough was reached in the country’s
three-year-old dispute with Saudi Arabia and three other Arab countries.
As part of the deal, Saudi Arabia would reopen its airspace and land and sea
border to Qatar as Gulf Arab leaders arrived in the Saudi city of al-Ula on
Tuesday for a summit focused on ending a long-running dispute with Doha.
Saudi Arabia, the UAE, Bahrain and Egypt severed diplomatic, trade and travel
ties with Qatar over allegations that Doha supports terrorism, a charge it
denies.
The Gulf’s biggest lender Qatar National Bank was the top gainer on the Qatari
benchmark, adding 2.4 per cent, while Qatar Islamic Bank tacked on 1.8 per cent.
Saudi shares finished 0.2 per cent higher, buoyed by a nearly one per cent gain
in Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest
petrochemicals firm.
Lenders Al-Rajhi and National Commercial Bank gained 0.3 per cent and 0.7 per
cent, respectively.
Oil prices rose by around $1 as tensions simmered following Iran’s seizure of a
South Korean vessel and as the Opec+ group studied a possible production cut in
February.
Bucking the trend, Bahrain’s main index slumped 1.8 per cent, dragged mainly by
a 5.5 per cent decline in Bahrain Commercial Facilities Co
Outside the Gulf, Egypt’s benchmark firmed 0.2 per cent. El Sewedy Electric Co
tacked on more than four per cent, while Ezz Steel Co put on 7.4 per cent.
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