UAE stocks continued their surge Tuesday led all the way by banking and real estate stocks, but Saudi Arabia's benchmark slipped further into the red as doubts persisted about economic activity getting back to normal.
Emaar Properties rose a further 2.1 per cent to trade at Dh3.9 a share; the gains sustain the surge from Monday and which helped the stock close the day at 11.6 per cent higher for the year.
This marks a turnaround from the 12.2 per cent drop last year as a struggling property market came under further pressure from the coronavirus. Emaar had reported a 48 per cent fall in its nine-month profits.
It owes the rise so far this year to property prices dropping at a slower pace than was expected and the UAE plotting its path back to normal on the back of a mass inoculation.
Back to back gains
The Dubai Financial Market advanced 1 per cent to 2,724 points - the second successive day when it went over 1 per cent. Its largest lender Emirates NBD jumped 1.7 per cent to close at Dh11.9. The bank got its momentum back owing to the expectations-beating full-year results after the stock had begun to struggle for buyers amid doubts surrounding economic recovery.
Abu Dhabi Securities Exchange surged 1.1 per cent to 5,698 points riding on across-the-board gains. First Abu Dhabi Bank gained 1.2 per cent and traded at Dh15.1, while Abu Dhabi Commercial Bank rose 1.9 per cent to Dh6.6.
Aldar Properties raced up 5 per cent to Dh3.8. Abu Dhabi's biggest property firm is trading nearly 20 per cent up for the year and carrying on the momentum from last year. Th developer supported home buyers with incentives and controlled supply. The developer got a further boost last month after an announcement that it would take over the development and management of Abu Dhabi Government projects worth Dh30 billion.
Qatar Exchange traded 0.4 per cent higher to 10,518 points after a lackluster performance in the last three days. Industries Qatar did the heavy lifting and surged 2.2 per cent to 12.2 Qatari riyals
But Saudi Arabia's benchmark index dropped 0.4 per cent to 8,619 points on a third day of losses, and ah 0.8 per cent loss for the year. Al Rajhi Bank, which has risen in just two sessions since January 14, shed a further 0.7 per cent to 71.5 Saudi riyals. Banque Saudi Fransi slipped 2.8 per cent to 32 riyals, dropping for a third day running.
Saudi stocks have been under pressure over uncertainty about the state of economic recovery as the kingdom extended virus-related restrictions.
Oman's 30-company index edged back 0.8 per cent to close at 3,623 points, but National Bank of Oman retreated 2.9 per cent to 0.13 Omani rial and Bank Dhofar decreased 2 per cent to 0.1 rial.