Dubai, Saudi lead Gulf markets higher after Eid holiday break

 

Dubai, Saudi lead Gulf markets higher after Eid holiday break

Dubai index rose 0.3 per cent, helped by strong gains in property stocks.

By Reuters

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Published: Sun 9 Jun 2019, 11:37 AM

Last updated: Sun 9 Jun 2019, 3:24 PM

Gulf markets rose early on Sunday, resuming trade after holidays most of last week to celebrate the end of the fasting month, with investors taking cue from gains in global markets on Friday.
Major world stock indexes jumped and US Treasury yields tumbled on Friday after a slowdown in job growth fueled hopes of a US interest rate cut, while there were hints of progress in Washington's trade battles.
The Saudi index jumped 0.6 per cent as investors piled into key blue-chip stocks. Al Rajhi Bank was up 1 per cent, Saudi Telecom rose 1.4 per cent and Saudi Basic Industries gained 0.9 per cent.

Dubai index rose 0.3 per cent, helped by strong gains in property stocks. DAMAC Properties was up 0.6 per cent and Union Properties rose 3.7 per cent. Market heavyweight Emaar Properties also climbed 0.5 per cent.

"Sentiment is up across the board on global markets amid expectations of a US rate cut," said a trader in Dubai.

Abu Dhabi index rose 0.2 per cent, helped by a 1.8 per cent rise in Abu Dhabi Islamic Bank and a 0.5per cent gain in Emirates Telecommunications Group or Etisalat.



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