The Abu Dhabi Stock Exchange outperformed other stock markets in the Gulf yesterday, boosted by strong corporate profits, while the Egyptian Stock Exchange fell as investors sought to lock in the recent gains.
According to “Archyde.com”, the Abu Dhabi index rose 1.9 percent to its highest level since May, supported by a 5.3 jump in the shares of the global holding company ahead of the announcement of second-quarter earnings.
Among other gainers, the Abu Dhabi National Oil Company for Distribution rose 1.9 percent following announcing a quarterly profit of 891.2 million dirhams ($243 million), up from 521.4 million dirhams a year ago.
The main index of shares in Dubai, up 1 per cent, with the rise of Dubai Islamic Bank 1.7 and Dubai Investments 5.6 per cent.
High oil prices and increased production gave a strong boost to the UAE economy this year, in addition to the continued recovery from the Corona pandemic.
Data from the UAE Ministry of Finance showed yesterday that the government net surplus more than doubled in the first quarter, as higher oil prices supported revenues.
The Qatari index rose 1.4 percent, with most of the shares listed on the index recording gains, including Petrochemical Industries Qatar, which rose 1.2 percent.
The Muscat index rose 0.16 percent to 4,661 points. The Kuwait index rose 0.06 percent to 8,601 points. The Bahrain Stock Exchange was closed for a public holiday.
In Cairo, the leading stock index in Egypt fell 0.8 percent due to Arab and foreign sales, reversing four sessions of gains.
Traders said they sought to lock in their gains following last week’s strong market performance.
Egyptian investors’ transactions in stocks tended to buy, recording a net amount of 352.01 million pounds, while Arabs’ transactions tended to sell at 23.79 million pounds, and foreigners’ transactions tended to sell in stocks, recording a net sale of 328.21 million pounds.
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