STOCK markets in the UAE climbed yesterday, led by sharp gains in Dubai, as optimism over an interim ceasefire agreement between the United States and Iran boosted risk appetite, although expectations of a more hawkish Federal Reserve capped broader gains across the Gulf.
Dubai’s main index climbed 2.5 per cent to 6,270, its highest level since the U.S.-Israeli war on Iran began in late February. Blue-chip developer Emaar Properties gained 2.4pc, while Emirates NBD Bank surged 7.2pc.
ENBD, Dubai’s largest lender, said it had completed the acquisition of a majority stake in India’s RBL Bank through a primary infusion of about $2.75 billion. Abu Dhabi’s benchmark index advanced 1.2pc, with real estate and healthcare stocks leading the rally.
First Abu Dhabi Bank, the UAE’s largest lender, rose 3.5pc, while real estate developer Aldar Properties jumped 6pc to a more than three-month high of 9 dirhams per share.
Saudi Arabia’s benchmark stock index inched up 0.1pc, helped by gains in real estate, materials and healthcare stocks. Saudi Arabian Mining Co, also known as Ma’aden, rose 3.1pc, while Saudi National Bank, the kingdom’s largest lender by assets, added 1.5pc. Saudi Aramco fell 0.3pc, paring earlier losses, after chairman Yasir Al-Rumayyan said the oil giant was considering expanding its storage capacity around the world after energy supplies through the Strait of Hormuz were disrupted by the Iran war.
The Qatari benchmark index eased 0.6pc, with most stocks trading lower. Industries Qatar slipped 1.5pc, while Qatar National Bank, the region’s largest lender, shed 0.4pc.
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