Banks drive gains on Dubai’s DFM, Abu Dhabi’s ADX
Gains from top lender Emirates NBD, Dubai Islamic Bank (DIB) boosts Dubai’s equity index
Dubai: The Dubai Financial Market’s main index rose on Monday, boosted by gains from lenders Emirates NBD and Dubai Islamic Bank (DIB).
The DFM index rose 0.7 per cent to 2,782 points, while Abu Dhabi’s ADX posted a similar-sized gain and closed at 5,111 points.
The country’s biggest lender, Emirates NBD, gained 1.6 per cent, while DIB edged up 0.7 per cent. The gains pushed the lending benchmark index up 1.4 per cent.
Among other stocks, Dubai’s largest listed developer Emaar Properties ended flat.
After markets closed on Monday, Reuters reported, citing sources, that Emaar is looking to sell the observation decks of the Burj Khalifa in a possible $1 billion deal which comes amid a downturn in real estate.
In Abu Dhabi, market heavyweight First Abu Dhabi Bank gained about 1 per cent while National Bank of Ras Al Khaimah rose 2.4 per cent.
Saudi Arabia’s stock market rose 1.4 per cent on Monday, after Saudi Aramco rose 0.8 per cent on bargain-hunting after four straight sessions of losses.