Abu Dhabi outperforms Gulf bourses, at record high

Abu Dhabi’s stock market reached an all-time high on Sunday, led by gains in top lender, while the Saudi index pulled back from a 15-year high.

In Abu Dhabi, the benchmark index advanced 0.9 per cent, hitting a record high, with the country’s largest lender First Abu Dhabi Bank rising 2.1 per cent.

Emirati banks’ assets are expected to grow eight per cent in 2022, Dubai-based Al Arabiya TV channel cited the head of the UAE Banks Federation Abdul Aziz Al Ghurair as saying on Sunday.

The UAE economy will reap benefits from the world fair Expo 2020 for about nine years, he said, according to the channel.

Saudi Arabia’s benchmark index fell 0.8 per cent, with Al Rajhi Bank declining three per cent, ending a five-day winning streak.

On Sunday, Al Rajhi reported a net profit of SR3.79 billion ($1.01 billion) for the quarter ended September 30, up from SR2.66 billion in the same period last year.

But Saudi Kayan Petrochemical Co climbed 2.8 per cent, after it swung to a quarterly net profit.

Meanwhile, the kingdom wants to be the biggest supplier of hydrogen, the country’s Energy Minister Prince Abdulaziz bin Salman Al Saud said on Sunday.

Dubai’s main share index gained 0.8 per cent, led by a 8.7 per cent jump in logistic firm Aramex.

In the previous session, Aramex surged 14.9 per cent, its biggest intraday gain since Jan. 2009, after a direct deal worth Dh1.41 billion ($383.90 million) for its 295 million shares.

On the other hand, Union Properties slid 4.8 per cent. The UAE attorney general has announced an investigation into allegations of financial violations by the chairman and other officials of Union Properties, Reuters reported on Sunday, citing state-news agency Wam.

The Qatari index closed 0.4 per cent lower, hit by a 2.4 per cent fall in petrochemical maker Industries Qatar.

Employers in Qatar will be required to provide health insurance coverage for expatriates and their families under a new law issued by the emir this week, a senior Qatari official said on Thursday.

Shares of Qatar Insurance finished 1.4 per cent higher.

Outside the Gulf, Egypt’s blue-chip index added 0.5 per cent, as most of the stocks on the index were in positive territory.

Egypt’s economy will grow 5.1 per cent in the fiscal year that ends in June 2022, but accelerate to 5.5 per cent in each of the following two years as tourism continues to rebound and the effects of the coronavirus pandemic wane, a Reuters poll showed. — Reuters