Stock markets in the Gulf ended higher yesterday, after upbeat China manufacturing data raised optimism about demand in the world’s second largest economy.
China’s manufacturing activity expanded at the fastest pace in 13 months in March, with business confidence hitting an 11-month high, a private survey showed yesterday.
The upbeat survey followed better-than-expected export and retail sales data, suggesting a bright start to the year for China.
Dubai’s benchmark index was up for a third consecutive session and ended 0.4 per cent higher, lifted by gains in real estate, consumer staples and industry sectors. The blue-chip developer Emaar Properties and its unit Emaar Development climbed 2.5pc and 2.4pc respectively while Union Properties soared 8.1pc.
In Abu Dhabi, the benchmark index gained 0.2pc, snapping a five session losing-streak, helped by a 1.4pc rise in conglomerate Alpha Dhabi Holding and a 1.5pc increase in Abu Dhabi Islamic Bank. Among other gainers, First Abu Dhabi Bank, the UAE’s biggest lender and Abu Dhabi National Energy, the country’s largest utility firm added 1.7pc each.
The Qatari benchmark index rose 0.2pc, after a fifth straight session of losses, supported by gains in finance, utilities and materials sectors with Qatar Islamic Bank rising 1.5pc and Industries Qatar adding 1.3pc.
Saudi Arabia’s benchmark index was up 0.2pc after two consecutive session of losses with ACWA Power rising 7pc and Sahara International gaining 5.1pc. However, Al Rajhi Bank, the world’s largest Islamic lender shed 1pc and Saudi National Bank, the kingdom’s largest lender slipped 1.2pc.
Outside the Gulf, Egypt’s blue-chip index ended fourth straight session of losses and surged 5.3pc, the highest intraday rise in nearly one year with almost all stocks posting gains. Commercial International Bank and Talaat Mostafa Group climbed 6.5pc and 6pc respectively, while E-Finance for Digital surged 11.8pc.