Shamsa Fadhil, who reforms children who joined criminal gangs, plans to use the $1 million awarded to make an even bigger difference in her community
Dubai and Abu Dhabi led the GCC recovery on Sunday after two consecutive days of decline last week as the combined market cap of the GCC bourses increased by $20.8 billion (Dh76.33 billion). ADX saw its market cap rise by $3.31 billion, DFM by $1.59 billion and Tadawul saw its value rise by $14.5 billion.
Dubai Financial Market (DFM) advanced 3 per cent, with Emirates NBD Bank up 3.7 per cent ahead of a board meeting to approve first-quarter earnings while developer Emaar Properties also gained 3.7 per cent.
Abu Dhabi Securities Exchange (ADX) rose 2.9 per cent, boosted by a 4 per cent jump for the country’s largest lender, First Abu Dhabi Bank.
Devesh Mamtani, director for investment and advisory at Century Financial, said hopes of a Covid-19 treatment and early reopening of global economies from lockdown spurred the world indices higher on Friday and on Sunday GCC markets also rallied on improved risk sentiments.
“A report from Statnews indicated that University of Chicago Medicine studied 125 Covid-19 patients for Gilead’s two Phase 3 clinical trials in which all the patients were treated with daily infusions of Remdesivir. Even though 113 patients were considered as severe, there were only two fatalities, which is great news. If safe and effective, Remdesivir could become the first approved treatment and this can trigger the policy makers to open their economy earlier,” said Mamtani.
On Friday, the Dow Jones Industrial Average rallied three per cent, S&P 500 jumped 2.7 per cent and Nasdaq advanced 1.4 per cent.
In Abu Dhabi, the biggest contributors to the gain were First Abu Dhabi Bank, Emirates Telecommunication and International Holdings Co. While Dubai bourse was pulled up by Emirates NBD and Emirates Integrated Communications. International Holdings Co which is a hot stock in UAE rallied by 9.76 per cent.
In the GCC, Saudi Arabia’s Tadawul benchmark index, the largest in the region, added 0.7 per cent as Al Rajhi Bank firmed by 0.6 per cent and Saudi Telecom registered a 1.4 per cent gain. The Qatari index rose 0.5 per cent, with Commercial Bank rising 2.7 per cent and Qatar Islamic Bank up 0.7 per cent. Bahrain Bourse increased 0.6 per cent to 1,320 points and Boursa Kuwait advanced 1.7 per cent to 5,208 points.
But Oman index bucked the trend and slipped 1.1 per cent to 3,500 points.
waheedabbas@khaleejtimes.com
Shamsa Fadhil, who reforms children who joined criminal gangs, plans to use the $1 million awarded to make an even bigger difference in her community
A cabinet summary of the bill says that the offender will be arrested without a warrant and the offence will be non-bailable and non-compoundable
Blinken postponed a visit to China that had been expected to start on Friday
Price caps seek to limit Moscow's ability to fund its war
Country has seen steep inflation, a currency plunge and its economy slide into recession
Joint statement by foreign ministers announces roadmap for cooperation in areas of defence, nuclear energy and technology
Customs staff at the Delhi Airport intercepted the Indian passenger, who was travelling from Sharjah
The country observed National Environment Day on Saturday, highlighting the need to find practical and sustainable solutions to climate challenges