Dubai benchmark gained for a third successive session

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Non-private sector oil data lift UAE markets
Non-private sector oil data lift UAE markets

Published: Tue 5 Jan 2021, 6:38 PM

Last updated: Tue 5 Jan 2021, 6:39 PM

Activity in the UAE’s non-oil private sector grew in December as its Purchasing Managers’ Index, which covers manufacturing and services, rose to 51.2 in December from 49.5 in November, a survey showed.


A Staff Reporter

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The 50.0-mark separates growth from contraction.

The Dubai benchmark gained for a third successive session, putting on 1.2 per cent.

The Dubai gains were led by blue-chip developer Emaar Properties and real estate firm Dubai Investments , which advanced 2.9 per cent and 3.9 per cent, respectively.

In Abu Dhabi, the benchmark strengthened 0.6 per cent with telecoms major Etisalat adding 1.3 per cent.

Qatar shares ended 1.4 per cent higher on Tuesday, marking the index’s biggest gain in nearly a month, after a breakthrough was reached in the country’s three-year-old dispute with Saudi Arabia and three other Arab countries.

As part of the deal, Saudi Arabia would reopen its airspace and land and sea border to Qatar as Gulf Arab leaders arrived in the Saudi city of al-Ula on Tuesday for a summit focused on ending a long-running dispute with Doha.

Saudi Arabia, the UAE, Bahrain and Egypt severed diplomatic, trade and travel ties with Qatar over allegations that Doha supports terrorism, a charge it denies.

The Gulf’s biggest lender Qatar National Bank was the top gainer on the Qatari benchmark, adding 2.4 per cent, while Qatar Islamic Bank tacked on 1.8 per cent.

Saudi shares finished 0.2 per cent higher, buoyed by a nearly one per cent gain in Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals firm.

Lenders Al-Rajhi and National Commercial Bank gained 0.3 per cent and 0.7 per cent, respectively.

Oil prices rose by around $1 as tensions simmered following Iran’s seizure of a South Korean vessel and as the Opec+ group studied a possible production cut in February.

Bucking the trend, Bahrain’s main index slumped 1.8 per cent, dragged mainly by a 5.5 per cent decline in Bahrain Commercial Facilities Co

Outside the Gulf, Egypt’s benchmark firmed 0.2 per cent. El Sewedy Electric Co tacked on more than four per cent, while Ezz Steel Co put on 7.4 per cent.

— Reuters

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