Real estate stocks in Dubai rose with the rise of most of the major Gulf stock exchanges
(Reuters) - Most of the major Gulf stock exchanges rose in early trading on Tuesday, led by higher oil prices, and the best performance of the Dubai index was supported by real estate stocks.
ارتفعت الأسهم العقارية في دبي مع صعود معظم البورصات الخليجية الرئيسية
ارتفعت الأسهم العقارية في دبي مع صعود معظم البورصات الخليجية الرئيسية
- For the third time in four sessions, the price of oil rose today, against the backdrop of expectations of an increase in demand for fuel, amid expectations that the United States will increase the volume of its aid payments in connection with the epidemic and the final agreement related to Britain’s exit from the epidemic. The European Union would stabilize trade between Europe and Britain.
- Dubai's index rose 0.8%, with DAMAC Properties jumping 7.5% and Emaar Properties adding 1.4%.
In Saudi Arabia, the index gained 0.3 percent. Al-Rajhi Bank rose 0.4%, while the share of the Saudi Basic Industries Corporation, the fourth largest petrochemical manufacturer in the world, increased 0.8%.
- Shares of Saudi Telecom, which said it would invest up to $500 million over five years in cloud services in partnership with EWTP Arabia Capital and Alibaba Cloud, rose 0.8 percent.
Halwani Bros. Co. jumped again 7.8%, making it the biggest percentage gainer on the index. The shares of the food industry and distribution company rose by nearly 10 percent yesterday, Monday, after a proposal by its board of directors to increase the capital through the issuance of free shares and the payment of cash dividends of 1.5 riyals per share for 2020.
- The Abu Dhabi index rose 0.2 percent, as First Abu Dhabi Bank rose 0.5 percent and Etisalat rose 0.1 percent.
Agthia Group shares fell 0.2 percent after its board of directors approved the issuance of mandatory convertible bonds to the General Holding Company (Senaat) as part of an agreement to acquire Al Foah, the world's largest company for the production and packaging of dates.
- The Qatari index fell 0.2 percent, as shares in the industrial and financial sectors pressured most of the indices. Industries Qatar fell 0.5 percent, while Commercial Bank fell 0.9 percent.
Arid shares fell 0.9 percent, a day after the telecom company and CK Hutchison Holdings Group of Hong Kong announced that they were studying a deal to merge their units in Indonesia.
By: Dubai Investments Real Estate