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November 26th 2019Dubai News

Dubai’s top index ticks higher as real estate gains

Banking stocks help trigger a rise in Abu Dhabi’s ADX

Dubai: Dubai bourse’s main index gained on Monday, as real estate stocks got a brief relief after earlier declines, while banking stocks in Abu Dhabi drove the emirate’s benchmark higher.

The Dubai Financial Market (DFM) index rose 0.7 per cent at 2,705.47, while Abu Dhabi’s ADX was up 1 per cent at 5,091.28 points.

The Dubai index was driven by a 1.2 per cent jump in real estate giant Emaar Properties and its unit Emaar Development spiking 2.5 per cent. The benchmark representing other property peers was up 1.4 per cent.

In Abu Dhabi, Abu Dhabi Commercial Bank leapt 3.1 per cent while market heavyweight First Abu Dhabi Bank opened up 0.3 per cent.

The key index in Saudi Arabia fell 0.3 per cent, with Al Rajhi Bank dropping 1.3 per cent. The index rose for five straight sessions last week, as banking stocks rose on reports that lending spiked since Saudi Aramco marketed its initial public offering (IPO) to Saudi nationals.

“Concerns over the Saudi Aramco IPO draining liquidity led to SAMA governor, Ahmed al-Kholifey, making reassurances that there was no problem at the banks,” wrote Daniel Marc Richards, MENA Economist at Emirates NBD.

The kingdom’s central bank governor said on Sunday that the central bank was monitoring the situation and would inject liquidity if necessary, adding that the country’s banking sector continues to enjoy a high level of liquidity.

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