DUBAI: Abu Dhabi’s stock market rebounded yesterday, a day after the emirate witnessed a deadly attack, while the Saudi index held steady at its highest level since July 2006.
The Abu Dhabi index rebounded 0.8 per cent, recovering from the previous session’s losses, led by a 2.1pc rise in the country’s largest lender First Abu Dhabi Bank.
Dubai’s main share index dipped 0.1pc, hit by a 1.4pc fall in blue-chip developer Emaar Properties and a 1.4pc decline in budget airliner Air Arabia.
Saudi Arabia’s benchmark index gained 0.2pc, holding steady at its highest in over 15 years, helped by a 4.4pc rise in Riyad Bank.
Red Sea International surged 10pc, the top gainer on the index, following a contract worth more than 60 million riyals ($15.99m).
Saudi shares are supported by strong oil prices and the market was unaffected by the drone attacks on the UAE, said Eman AlAyyaf, CEO of EA Trading.
Benchmark oil prices climbed to their highest level since 2014 as possible supply disruption after attacks in the Mideast Gulf added to an already tight supply outlook.
Outside the Gulf, Egypt’s blue-chip index added 0.1pc.