Amid firm oil, Dubai index supported by banks

22/05/2017 06:25 AST

Support from oil and buying in Dubai Islamic Bank and Arabtec shares moved the Dubai index higher. The Dubai Financial Market General Index closed 0.25 per cent higher at 3,386.44.

“Regional markets are expected to react positively after the upward movement in oil prices,” Al Masah said in a weekly report.

Oil prices gained more than 2 per cent as Saudi Arabia expects to extend the production cuts until March 2018, a positive move seen helping oil-dependent Gulf economies.

Arabtec closed more than 10 per cent higher to be at Dh0.792. Arabtec was the actively traded name on the index, contributing to more than 30 per cent of the total traded value of Dh312 million.

DIB closed 0.87 per cent higher at Dh5.83 after changes in the MSCI emerging market index. Union Properties closed 0.32 per cent lower at Dh0.925.

Drake and Scull rose 2.81 per cent to be at Dh0.366. DXB Entertainments closed less than half a per cent higher at Dh0.825. Emirates NBD weighed on sentiment, and kept the upside limited.

Emirates NBD closed 1.69 per cent lower at Dh8.15. Another heavy weight, Emaar Properties closed 0.40 per cent lower at Dh7.43. Out of a total of 35 stocks traded on the exchange, shares of 20 firms rose, while other 12 fell. Bucking the firm trend, the Abu Dhabi index fell weighed by weakness in etisalat and First Abu Dhabi Bank.

The Abu Dhabi Securities Exchange general index closed 0.24 per cent lower at 4,570.36. etisalat closed 0.57 per cent lower at Dh17.50. First Abu Dhabi bank was down 0.44 per cent lower at Dh11.20. Abu Dhabi Islamic Bank closed 0.28 per cent lower at Dh3.61.

Among the gainers, Union National Bank closed 1.80 per cent higher at Dh5.90. Agthia closed 0.87 per cent lower at Dh5.8. Sharjah Islamic Bank closed 2,19 per cent higher at Dh1.40. Manazel jumped after announcement of dividend. Manazel closed 1.82 per cent higher at Dh0.52.

Elsewhere in the Gulf, the Qatar exchange index closed steady at 10,103.35. The Muscat MSM 30 index closed at 5,407.74, down 0.14 per cent. The Bahrain index was flat at 1,308.54.

Gulfnews