UAE stocks sway upward for four straight sessions
Benchmarks on DFM and ADX rise, led by financials and real estate peers
Dubai: Top bourse benchmarks in Dubai and Abu Dhabi continued its upward swing for a fourth straight session on Tuesday.
The top index on the Dubai Financial Market (DFM) ended 0.98 per cent up at 2,802.9 points, while the Abu Dhabi Securities Exchange (ADX) rose 1.07 per cent to 5,168.62.
UAE indices gained about 3 per cent since dropping to its lowest in about five months when tensions between the US and Iran exasperated.
However, analysts said restrained reprisal by Iran following the assassination of its top military commander has led markets to conclude that the latest threat to the global economy has been removed.
In Dubai, gains were supported by property giant Emaar Properties rising about 2.7 per cent and major port operator DP World surging 4.2 per cent.
Lenders rose too, with Emirates NBD edging up 0.4 per cent, while Dubai Islamic Bank (DIB) ended up 1.3 per cent.
In Abu Dhabi, the index rose after the country’s largest lender First Abu Dhabi Bank added 0.3 per cent.
The move by the indices mirror similar sized gains by other major Gulf stock markets, rising ahead of a season of corporate earnings announcements.
Saudi Arabia’s index was up 0.4 per cent, while Kuwait’s index, which was closed in the last two sessions following the death of Oman’s Sultan Qaboos Bin Said, opened up 1.4 per cent.